Maybank turns in 2 per cent higher earnings for FY15

Kuala Lumpur

MALAYAN Banking Bhd (Maybank) has eked out a 2 per cent increase in net profit to RM6.84 billion (S$2.27 billion) for the year ended December, despite setting aside RM2 billion in net impairment losses amid weakening economic conditions that led to a deterioration in corporate and business loans.

The impairment losses, up from RM471 million for FY14, reduced Maybank's operating profit by 0.1 per cent to RM8.94 billion from RM8.949 billion previously.