Islamic Finance 

Maybank Islamic banking second-quarter profit rises

| 29 August, 2019
 Staff Writer
Maybank Islamic banking second-quarter profit rises
FILE PHOTO: Customers leave a branch of Malaysia's Maybank in Putrajaya October 9, 2009. REUTERS/Bazuki Muhammad/File Photo

Maybank’s Islamic banking business saw a 6.64 per cent increase in profit for the three months ended June 30 compared to the same quarter last year.

Malaysia’s largest banking group posted a profit after zakat and tax of 531.3 million ringgit ($125.76 million) for its Islamic banking operations for the second quarter, it reported in a bourse filing on Thursday.

Income stood at 1.4 billion ringgit for the second quarter, up 3.14 per cent from 1.36 billion for the corresponding period last year.

On a six-month basis, the Group’s Islamic banking profit was 1.09 billion ringgit, up 52 per cent from 712.64 million ringgit during the same period last year.

Overall, the Malaysia-headquartered Group’s profit after tax for the three months ended June 30 was 1.988 billion ringgit, down 0.34 per cent from 1.994 billion ringgit for the same quarter last year.

Its first-half profit after tax decreased by 0.8 per cent, from 3.89 billion ringgit for the six months ended June 30 last year to 3.86 billion ringgit for the corresponding period in 2019.

The Group considers Malaysia, Singapore and Indonesia its home markets and also operates in around 17 other countries.

FINANCING

The Group’s financing as part of its Islamic banking scheme reached 276.59 billion ringgit at June 30, up 1.8 per cent from 271.72 billion ringgit at the end of December last year.

Murabahah-based financing made up the lion’s share, at 73.4 per cent.

INVESTMENT ACCOUNTS

Mudarabah investment accounts decreased 8.16 per cent to 21.53 billion ringgit at June 30 from 23.45 billion ringgit at the end of last year.

Restricted investment accounts nudged up 0.89 per cent to 120.56 million ringgit at the end of June from 119.5 million ringgit at December 31.

ASSETS

The Group’s total assets at June 30 was 819.67 billion ringgit, a growth of 1.57 per cent from end-2018.

Assets held by the Islamic banking division rose 1.87 per cent to 230.25 billion ringgit, equivalent to around 28 per cent of the Group’s total assets.

The Group said its ongoing priorities include an emphasis to improve productivity drivers and upskill its workforce to be ready for the digital economy.

($1 = 4.2249 Malaysian ringgit)

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