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Maybank Singapore records profit of US$1.92bn

Maybank Singapore records profit of US$1.92bn

(2 March 2018 – Singapore) Maybank Singapore’s net profit rose 11.5 percent year on year to US$1.92bn for the 2017-year thanks largely to its financial services and Islamic banking arms.

The group’s Malaysian operations recorded 5 percent loan growth, outpacing domestic industry growth while its Singaporean and Indonesian businesses rose 4.3 percent and 3.6 percent respectively.

The bank witnessed lower impairment on its credit portfolios thanks to its proactive restructuring and rescheduling efforts.

Maybank Group President & CEO Datuk Abdul Farid Alias said, “we continue to see growth opportunities in the different markets we serve, such as in wealth management, digital payments, Islamic banking and insurance which we intend to tap into and further strengthen our market share.”

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