Maybank's Third-Quarter Profit Rose as Impairments Improved
By Ben Otto
Malayan Banking's quarterly profit rose 12% on the year as a better impairments picture offset lower net interest income.
Malaysia's largest lender said Wednesday that net profit in the third quarter rose to 2.36 billion ringgit ($507.2 million), helped by a drop in impairment losses on loans and a writeback of impairment losses on financial instruments.
Net interest income fell 8.5% on the year to MYR3.17 billion, marking a third straight quarter of year-over-year decline. Income from Islamic banking operations fell 6.0% to MYR1.88 billion.
Maybank reiterated that it targets a return on equity of 10.5% to 11% for the full year. It added that "notwithstanding the global challenges," it plans to pursue growth opportunities across its consumer and business segments in Southeast Asia.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
November 22, 2023 00:35 ET (05:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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