August 30, 2018 / 5:19 AM / 23 days ago

Malaysia's Maybank posts 18 pct rise in Q2 profit

KUALA LUMPUR, Aug 30 (Reuters) - Malayan Banking Bhd (Maybank), Malaysia’s largest lender by assets, posted an 18 percent jump in second-quarter profit on Thursday as reductions in expenses and loan provisioning boosted performance.

Its net profit for the April-June period was 1.96 billion ringgit ($477.47 million), versus 1.66 billion ringgit a year ago. This was in line with an average estimate of 1.9 billion ringgit from two analysts polled by Reuters.

Revenue rose 5 percent to 11.51 billion ringgit.

Allowances for impairment losses on loans and other debt fell to 582.1 million ringgit in the second quarter from 830.3 million ringgit in the June quarter of last year.

Maybank expects its financial performance for 2018 to be “satisfactory,” it said in a statement, adding that it is targeting return on equity of about 11 percent for the year. ($1 = 4.1050 ringgit) (Reporting by A. Ananthalakshmi and Liz Lee; Editing by Himani Sarkar)

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