Thursday, May 21, 2009

Maybank net profit slipped 34 % lower to RM503.3 million

Malaysia’s largest lender, Maybank, said its third-quarter net profit fell more than a third, and warned that business conditions will remain challenging for the rest of the year.


The question arises: Is the net profit slipped is due to the negative impact of the slowdown of U.S. economy or otherwise?

State-controlled Maybank, which made a string of overseas acquisitions, last year, said January-March net profit slipped to RM503.3 million from RM758.6 million a year earlier.

“The highly competitive banking landscape, together with an environment of lower interest rates and more challenging business and employment prospects, could lead to pressure on margins and rising non-performing loans,” said Maybank, which has a market capitalization of about RM38 billion.

Before the results were announced, analysts had expected Maybank to post a net profit of RM2.4 billion for the full year against the RM3.2 billion it made last year.

Ahead of the results, Maybank’s shares fell 1.9 per cent, while the broader market index, KLSE, lost 0.7 per cent. The stock has gained 13.5 per cent this year, but trails the broader index’s 18.1 per cent rise.

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