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Malaysia Maybank's Q3 profit up 13 pct, helped by Islamic banking business
November 30, 2017 / 5:21 AM / 17 days ago

Malaysia Maybank's Q3 profit up 13 pct, helped by Islamic banking business

KUALA LUMPUR, Nov 30 (Reuters) - Malayan Banking Bhd (Maybank), Malaysia’s biggest lender by assets, reported on Thursday a 13 percent rise in third-quarter profit, lifted by higher net interest income and better performance at its Islamic banking operations.

Maybank posted a net profit of 2.03 billion ringgit ($496.70 million) for the third quarter ended September, against 1.795 billion ringgit a year ago. That was ahead of the average estimate of 1.795 billion ringgit from two analysts polled by Thomson Reuters.

Southeast Asia’s third-largest economy has recovered this year after a rocky 2016, when growth slumped to its slowest pace since the global financial crisis in 2009. The turnaround has buoyed business for banks.

Earlier this week, CIMB Group Holdings, the No.2 lender of the country, reported a surprise rise in quarterly profit, helped by an improving domestic economy.

Malaysia posted a gross domestic product growth of 6.2 percent in the September quarter, the fastest pace in more than three years, buoyed by strong private sector spending and exports. ($1 = 4.0870 ringgit) (Reporting by Liz Lee; Editing by Himani Sarkar and Muralikumar Anantharaman)

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