RETAIL BANKING | Tony Chua, Malaysia

Maybank expects revenue to fall in 2011

The slump in performance of key economies around the world seen to drag down lender’s profits.

Maybank Bhd expects its revenue to be lower than projected this financial year due to the global economic slowdown on debt woes in the US and Europe.

Maybank president and chief executive Datuk Seri Abdul Wahid Omar explained that the demand for credit as well as capital market activities would naturally fall as key economies around the world slumped.

“Growth in our topline can be expected to be lower compared to what we had anticipated before,” he told reporters after opening a new look Maybank branch at Kota Damansara here.

But Abdul Wahid said Maybank was still expected to be “very profitable” even with the ongoing world financial crisis given strong risk management here in Malaysia.

View the full story in The Malaysian Insider.

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