Maybank's Singapore operations post marginal growth in income

Maybank's Singapore operations post marginal growth in income
By Millet Enriquez | Posted: 09 November 2012 2310 hrs
     
SINGAPORE : Malayan Banking's (Maybank) Singapore operations posted income of S$542.4 million for the nine months ended September.

In a news release, Maybank said the marginal 0.1 per cent growth in income was due to slowing growth in the city state.

However, total loans portfolio in the Singapore operations grew at an annualised 2.1 per cent to S$24.9 billion.

The portfolio consists of around 39 per cent consumer loans and 61 per cent corporate loans.

Maybank said the net impaired loans ratio was stable at 0.32 per cent as at September 2012.

Maybank has over 2,200 offices in 20 countries, but around 90 per cent of its group income and profit comes from the key markets of Malaysia, Indonesia and Singapore.

"While we cannot fully avoid the headwinds in the current global economic environment resulting in lower external demand, we remain reassured that our three home markets of Malaysia, Singapore and Indonesia will see resilient domestic growth. With our focus on the region, particularly ASEAN, we expect to register reasonable business growth for the full financial year," said Maybank president and CEO, Dato' Sri Abdul Wahid Omar in a statement.

Overall, Maybank posted a third-quarter net profit of 1.5 billion ringgit - up 13 per cent from 1.33 billion ringgit a year ago.

- CNA/ms

- wong chee tat :)