Maybank Q2 net profits up by 35%

Loans growth and higher non-interest income aided net profit boom to $289.52mln.

For the quarter ended Dec. 31, net profit was MYR993.5 million compared with MYR734.6 million ($214.07 million) a year earlier, Maybank said in a statement.

Second quarter net interest income was up 8.8 percent at MYR1.68 billion ($490.43 million) from a year earlier while non-interest income rose 46 percent to MYR1.22 billion ($356,19 million).

Annualised loans growth was 9.9 percent while net interest margin, a measure of profitability, was 2.77 percent against 2.87 percent a year earlier.

Maybank said its asset quality continued to improve, with the non-performing ratio declining to 1.43 percent from 1.64 percent in June 2009.

View the full report in Wall Street Journal.