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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.

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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.”

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