Maybank Q1 profit up 6.3%

Kuala Lumpur

MALAYAN Banking Bhd (Maybank), Malaysia's No 1 lender by assets, posted a 6.3 per cent rise in quarterly profit on higher fee income and robust loans growth but gave a cautious outlook due to the launch of a new consumer tax.

Net profit for January-March was RM1.7 billion (S$630 million) compared with RM1.6 billion a year ago, Maybank said. First-quarter revenue rose 9.9 per cent to RM9.18 billion. Loans for the quarter expanded 14.3 per cent year on year, according to the statement.