Did you know Maybank is the 4th largest bank by assets within South East Asia? I do but I was reminded about it again by an article in thestar.com.my Yes, good news for Maybank. It has posted a 55.1% up in profit before tax (PBT) for Q3 FY2016. I thought it has been a tough 2016? Actually it was a tough one because on a nine month basis ending Sept 30 2016, the PBT has actually fallen by 11.9% to RM5.97 billion from RM6.78 billion in the same period in 2015. The numbers are still healthy by the way. Three key reasons for it to continue its steady growth. Loans growth picked up pace in Q3FY16 (YES, FASTER….) , deposits maintained its modest growth trend and the group continued to benefit from its strong retail franchise in key markets. (Branches do play an important part)
Some words from the top managements? Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said that Maybank is well positioned in financing the infrastructure needs in the various Asean countries, whilst stimulating growth in the SME sector given lowering interest rates. (Remember, SMEs are the key to growth in the country as we are talking about hundreds of thousands of them, thus providing jobs and contributing to economic growth) Its group president and CEO, Datuk Abdul Farid Alias is even more positive I feel. He said, “We intend to sustain this momentum going forward, while at the same time, remaining disciplined in managing costs, mitigating risks and enhancing efficiency, to better position ourselves for sustained growth in the future.”
I hope this news is considered positive by readers of kopiandproperty.com Actually Maybank is a good barometer of the economy. It’s huge and if the whole economy is down, Maybank’s results would quickly reflect the situation. Please also look at two other huge banks too; CIMB and Public Bank. These three would provide to us a better glimpse of what’s really happening instead of all the ringgit news we hear everyday ever since America elected its new President. In Q1 2016, we were still the top 2 best performing currencies, today… well… Keep following and believing.
written on 24 Nov 2016
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