Maybank’s net profit rises 28.5% to $658.5m YoY in Q3

The bank benefitted from Southeast Asia’s improving economic environment.

Maybank saw its net profit rise by 28.5% YoY to RM2.17b ($658.5m) in the third quarter (Q322) thanks to the improving economic environment across the Southeast Asian region.

The bank also announced a higher net operating income of RM7.41b ($2.3b) for the quarter (+20.6% YoY). 

Maybank attributed the increase in its net operating income to its 48.0% YoY higher net fee-based income of RM2.12b ($642m) and a 12.2% rise in net fund-based income to RM5.30 billion ($1.6b).

“The improvement in net fee-based income was mainly led by mark-to-market gains in financial liabilities and foreign exchange gains while net fund-based income rose on better loans growth across all home markets and net interest margin (NIM) expansion from a rising interest rate environment,” the bank said.

Looking ahead, the bank said it will keep its “strong liquidity and capital positions to manage potential downside risks that could emerge in the operating environment.”