Maybank maintains Islamic financing growth
Its gross financing rose to RM163.6 billion, aided by a 12 per cent increase in global banking financing as well as 8 per cent growth in community financial services (CFS) financing.
Maybank president and chief executive officer Datuk Abdul Farid Alias said as of December last year, Islamic financing constituted 56.9 per cent of Maybank’s total financing with Maybank Islamic topping the local market in terms of market share of Islamic assets.
“The group’s Islamic banking business continued to perform strongly, with profit before tax surging 41.4 per cent to RM2.75 billion due to an increase of 9.7 per cent in financing and also an 18.7 per cent rise in total income compared with the previous year,” he said.
“Moving forward, we are trying to look at the competition advantage and the strategy in Islamic banking,” he said at the press conference on its financial year 2017 results announcement today.
He said Maybank is looking to ensure that its asset growth matched its liabilities.
In terms of loans growth, Maybank recorded a 5 per cent rise in its Malaysian operations, outpacing the domestic industry growth, whilst its Singaporean and Indonesian operations recorded increases of 4.3 per cent and 3.6 per cent respectively.
At a group level, gross loans, on a reported basis, grew 1.7 per cent year-on-year.
However, he said after normalising for foreign exchange impact, group loan has expended at a healthy 4.0 per cent.
When asked about the outlook for loans growth, Farid said: “We want to be cautious in our forecast, but we anticipate that the growth for this year to be similar to last year, although the momentum is quite strong.”
Source: The Malay Mail Online