Maybank Q3 profit falls amid slowing loan growth

Kuala Lumpur

MALAYSIA'S biggest lender Malayan Banking Berhad (Maybank) said on Thursday it had cut its loan growth projection for the current financial year, after posting a drop in third-quarter profit hurt by a higher tax charge.

Net profit for July-September was RM1.795 billion (S$584 million), 5.4 per cent lower than RM1.898 billion a year earlier. The lender's fourth straight quarterly drop in profit comes amid slowing loan growth at home and exposure to the oil and gas industry that has been hit by falling prices.