Maybank Second-Quarter Net Profit Rises 43%

KUALA LUMPUR, Malaysia--Malaysia's largest bank by assets Malayan Banking Bhd. (1155.KU) said second-quarter net profit rose 43%, partly because of higher net interest income, income from Islamic banking operations and net earned insurance premiums.

The improved performance came in the wake of lower allowances for impairment losses on loans, advances, financing and other debts, the lender known as Maybank said.

The bank, Southeast Asia's fourth-largest lender, said Wednesday that net profit for the April-June period rose to 1.66 billion ringgit ($389.1 million) from MYR1.16 billion. Revenue declined slightly to MYR10.92 billion from MYR10.94 billion a year ago, it said.

Maybank said it expects its financial performance for 2017 to be satisfactory, given the challenging global environment.

The stock ended the morning session 0.3% higher at MYR9.49 before the earnings were released. The local benchmark stock index declined 0.02%.

Write to Yantoultra Ngui at

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August 30, 2017 01:50 ET (05:50 GMT)