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Maybank reports fall in annual pre-tax profit

The Maybank Group has reported a group pre-tax profit of RM4.09 billion for the financial year ended June 30, 2008, a 6.4% decrease compared with RM4.37 billion recorded in the 2007 financial year.

Group profit after tax and minority interest was RM2.93 billion for the financial year ended June 30, 2008, 7.9% lower compared to RM3.18 billion recorded in the financial year ended June 30, 2007.

Revenue for the period was RM16.2 billion, up 6.4% over RM15.2 billion reported in 2007. Operating profit grew marginally by 6.1% to RM5.38 billion when compared with RM5.07 billion in 2007.

Net interest income for the year 2008 grew by RM293.9 million or 5.7% as compared to the 2007 financial year. Net interest margin remained stable at 2.71% as against 2.73% in the 2007 financial year.

The group’s gross loans increased by RM23.7 billion or 16.1% for the financial year, with growth from both the consumer and business sectors. Total assets of the group improved 4.8% to RM269.1 billion from RM256.7 billion in June 2007 while total deposits from customers rose by RM23.4 billion to reach RM187.1 billion.