Malayan Banking : Maybank 1Q Net Profit Rose 13%

By Chester Tay

Malayan Banking Bhd. said its first-quarter net profit rose 13%, driven by improvements in its insurance and Takaful businesses.

Net profit rose to 2.05 billion ringgit ($471.3 million), while net interest income declined 1.4% on year to MYR2.91 billion, the bank said in a stock exchange filing Thursday.

Maybank, the largest bank in Malaysia by asset size, said it will prioritize its capital and liquidity strength, while focus on ongoing cost discipline, in view of the ongoing Covid-19 pandemic.

Given the significant weakening economic outlook arising from the pandemic and evolving developments in the marketplace, Maybank said it had decided to re-evaluate its return on equity guidance of 10% to 11% for 2020.

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