Banking News

Maybank Philippines profits increase 36.8 percent

Maybank Philippines profits increase 36.8 percent

(19 June 2013 – Philippines) Maybank Philippines has reported a 36.8 percent rise in revenue as well as a 55.9 percent year-on-year jump in pre-tax profit.

For the first quarter to 31 March, Maybank Philippines made US$22 million (A$23 million) largely due to higher non-interest income.

Loan growth was slightly lower by 0.9 percent, due to a large corporate loan repayment of over US$12.4 million.

Deposits increased 7.5 percent from the preceding quarter to US$930 million, while net interest margins improved to 5 percent from 4.48 percent in the preceding quarter.

Maybank Group has a presence in all 10 ASEAN member states and is focusing on strengthening its regional organisation.

Its global banking global relationship coverage model is being extended to realize merger synergies with Maybank Kim Eng, and will see closer collaboration with overseas units especially in the Philippines, Singapore and Indonesia.

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