Maybank’s Q3 profit up 13%, helped by Islamic banking business

[KUALA LUMPUR] Malayan Banking Bhd (Maybank), Malaysia’s biggest lender by assets, reported on Thursday a 13 per cent rise in third-quarter profit, lifted by higher net interest income and better performance at its Islamic banking operations.

Maybank posted a net profit of RM2.03 billion (S$669 million) for the third quarter ended September, against RM1.795 billion a year ago. That was ahead of the average estimate of RM1.795 billion from two analysts polled by Thomson Reuters.

Southeast Asia’s third-largest economy has recovered this year after a rocky 2016, when growth slumped to its slowest pace since the global financial crisis in 2009. The turnaround has buoyed business for banks.

Earlier this week, CIMB Group Holdings, the No.2 lender of the country, reported a surprise rise in quarterly profit, helped by an improving domestic economy.

Malaysia posted a gross domestic product growth of 6.2 per cent in the September quarter, the fastest pace in more than three years, buoyed by strong private sector spending and exports.