Maybank posts $862M first half profits

Maybank's profits rose by 21.2 percent to 2.7 billion Malaysian ringgit or US$862 million in the first half from the same period last year.

Revenue grew by 18 percent to 8.2 billion ringgit this year compared to the same period last year.

Return on equity is at 16.1 percent and is, thus, above the 15.6 percent target.

The bank cited a 22.3 percent growth in fee-based income and 15.2 percent rise in fund-based income as drivers in the revenue increase.

The bank performed well across various business sectors, including international markets, investment banking, and Islamic banking.

Group loans, which rose by 15 percent, also contributed to the overall performance of the bank.