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Maybank profits up 19 percent

Maybank profits up 19 percent

(Malaysia) - Malaysia's largest bank, Malayan Banking - or Maybank - has announced a 19 percent profit rise to 897.8 million ringgit (US$236 million) for the six months to December 31 last year. The result, which was largely within expectations, was ascribed largely to a 23 percent reduction in bad loan provisioning.

Maybank is closely watched both as a bellwether for the Malaysian banking system and the country's economy.

Its loan-loss provisioning has been a declining trend as asset quality has improved due to more prudent lending policies and Malaysia's economic recovery.

Analysts are expecting Maybank to post a full year result of around 1.82 billion ringgit (US$480 million).
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