Asia: Malaysia’s leading banks report profit climbs in Q3

Malaysia’s biggest bank by assets, Malayan Banking Berhad (Maybank) reported a 13% increase in the third quarter. The bank posted a net revenue of MYR 2 billion (USD 500 million), higher than MYR 1.75 billion (USD 450 million) achieved at the same time last year. According to the bank’s spokesperson, the increase was attributed to better performance among Maybank’s Islamic banking products, as well as improvement in the country’s overall economy.

Maybank’s close rival, CIMB Group Holdings reported a similar achievement. The group posted increased earnings of 10% in its quarterly profit, supported by better net interest margin. According to RFi Group data, Maybank holds the highest number of relationships with 7 out of 10 banked customers in Malaysia having a product with the bank (71%), followed by CIMB (53%).

Malaysian banks generally have been enjoying revenue from the better domestic economy and stronger interest in consumer spending. Bank Negara, Malaysia’s central bank posted a growth in the gross domestic product of 6% in September, a positive sign showing improvement in overall Malaysia’s economy.

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