Malaysia's Maybank posts 16.3% net profit growth in Q3

Malaysia's Maybank on Thursday announced a net profit growth of 16.3 percent for the third quarter of 2013 thanks to higher income. The largest commercial bank in Malaysia reported that profit after tax and minority interest for the third quarter surged 16.3 percent to 1.75 billion ringgit (550 million U.S. dollars) compared with the corresponding period last year. For the first nine months of 2013, profit after tax and minority interest rose 12.5 percent from a year earlier to 4.82 billion ringgit (1.5 billion U.S. dollars), aided by a pickup in momentum in the third quarter. Maybank said earnings were boosted by a surge in net fee-based income while net fund-based income grew at 7.6 percent. "Overall, net income increased 9.9 percent year-on-year, outpacing overheads growth which was managed at 5.7 percent. Consequently, cost-to-income ratio improved further to 46.6 percent in the third quarter of 2013 compared with 51.2 percent in third quarter of 2012. "I am pleased we are sustaining this growth momentum, by being focused in finding opportunities across our geographic and diverse financial services portfolio, through revenue and cost levers amidst the subdued external business climate," Maybank Chairman Megat Zaharuddin Megat Mohd Nor said in a statement.