Maybank's Second-Quarter Profit Rose on Higher Net Operating Income

By Ying Xian Wong

Malayan Banking's second-quarter net profit rose 8.2%, supported by stronger net operating income.

Malaysia's largest lender by market capitalization said Wednesday that quarterly net profit climbed to 2.53 billion ringgit, equivalent to $581.7 million, driven by higher net operating income as net fund-based income rose 2.2% from a year earlier.

The lender said noninterest income for the quarter slipped to 2.41 billion ringgit from 2.48 billion ringgit a year earlier, while net interest income fell 0.5% to 3.19 billion ringgit.

Maybank said it will continue to prioritize robust asset quality, sound liquidity and strong capital management while leveraging its regional presence and extensive client base to drive growth in its home markets and selected business lines, which will be supported by an improved regional outlook.

The bank said it targets an 11% return on equity in 2024, barring unforeseen circumstances.

Write to Ying Xian Wong at yingxian.wong@wsj.com

(END) Dow Jones Newswires

August 28, 2024 01:44 ET (05:44 GMT)

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