Friday, August 27, 2010

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Maybank reports record RM3.8b profit

Published: 2010/08/21

The top lender in Malaysia expects earnings this year will be even better on higher lending and fee-based activities

Top lender Malayan Banking Bhd (Maybank)(1155), which reported record earnings yesterday, expects to do even better in the current financial year as it grows its market share at home and abroad.

Group net profit in the fiscal year ended June 30 2010 was RM3.8 billion, more than a fivefold increase from RM691.9 million before and slightly higher than the RM3.7 billion that analysts had estimated.

The results were achieved on the back of higher revenues across all key business segments as the economy improved, its president and chief executive officer Datuk Seri Abdul Wahid Omar said.

"It is indeed a year of achievement as we cross the regional milestone of US$100 billion (RM314 billion) in total assets and US$1 billion (RM3.14 billion) in profit after tax," Abdul Wahid told reporters at its results briefing late yesterday.
Earnings this year will be even better on higher lending and fee-based activities, he said.

Maybank is targeting 12 per cent loan growth this year, after 10.3 per cent last year, and a return on equity (ROE) of 14 per cent. Its ROE was 13.6 per cent last year.

The group swung back to a net profit of RM912.5 million in its final quarter from a loss of RM1.1 billion before due to an absence of impairment losses.

A year ago, it was hit by a RM1.7 billion impairment charge on its banking investments in Indonesia and Pakistan.

Maybank announced a better-than-expected final dividend of 44 sen a share less tax, of which 4 sen will be paid in cash.

Investors can choose to receive the balance either in cash or re-invest it in Maybank shares.

Abdul Wahid said Maybank intends to be a financial services leader in the region, with 40 per cent of pre-tax profit coming from overseas operations by 2015 compared with 21 per cent last year.

The group is targeting financing growth of 24 per cent in Indonesia, 5 per cent in Singapore and 12 per cent in Malaysia this year.

Affin's pre-tax up 25.5pc in Q2

AFFIN Holdings Bhd (5185) posted a 25.5 per cent increase to RM154.3 million in its second-quarter pre-tax profit due to higher operating income and a sharp fall in impairment allowances.

Its net profit for the three months ended June 30 2010 was up 24 per cent to RM111.7 million from a year ago on the back of 9 per cent revenue growth to RM534.6 million.

Net interest and financing income was higher from a year ago but it was pulled down partially by a slight fall in non-interest income.

For the first six months ended June 30 2010, the group's net profit was up 36 per cent to RM247 million.
Pre-tax profit was also up 36 per cent to RM331.6 million due to 9 per cent growth in operating income and a 46.1 per cent decline in impairment allowance.

Affin Holdings chairman Tan Sri Mohd Zahidi Zainuddin said at the company's half-year results briefing yesterday that the growth was broad-based, across net interest, financing income and non-interest income segments.

The group's strong half- year results were led by Affin Bank Bhd.

The latter expects double-digit loan growth for the second half of the year, mainly from its retail and business banking portfolios.

For the first six months, its gross loan outstanding grew by 9.6 per cent, while customer deposits expanded by 8.4 per cent.

"Our KPI (Key Performance Indicator) for the year is to achieve loan growth of 15 per cent, deposit growth of 10 per cent and (net) non-performing loan ratio of under 2 per cent," said Affin Bank managing director and chief executive officer Datuk Zulkiflee Abbas Abdul Hamid.

Meanwhile, Zulkiflee said the recent acquisition of PT Bank Ina Perdana is expected to start contributing to the group's earnings by the third quarter of next year.

Affin is focused on its present acquisition and not in a hurry to venture into other markets.

"Let us concentrate on one acquisition at a time. If there are opportunities within the Asean region, we will look at them. But for now, our focus will be on Bank Ina," he said.

As for starting Islamic banking operations in China, Mohd Zahidi said Affin Holdings is still exploring the market with its substantial shareholder, Bank of East Asia Ltd.

For the first half of the year, the group posted a 7 per cent increase in revenue to RM1.05 billion.

Its earnings per share was 16.5 sen compared with 12.1 sen a year ago.

business times 22/8/2010

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