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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
New weight-loss, diabetes drugs reach one in eight Americans
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Manulife profit beats on growth in Asia, wealth management
Sanofi inks US$1.2 billion vaccine licensing deal with Novavax
London's FTSE 100 extends record streak as UK exits recession
Hot stock: UOI surges to over 6-month high amid heavy trading