Malaysia’s Maybank posted 4.65% increase in net profit for its Islamic banking business for the third-quarter compared to the same three months last year.
Maybank reported 634.47 million ringgit ($152 million) in profit after tax and zakat for its Islamic banking business for July-September versus 606.26 million ringgit for the corresponding quarter in 2018, it reported in a filing with Bursa Malaysia on Thursday (Nov 28).
This percentage growth is higher than for its overall Group’s net profit, which nudged up 1.7% to 2.04 billion ringgit compared to 2.01 billion ringgit.
Income from its Islamic Banking Scheme rose by 6.47% to 1.49 billion ringgit ($357 million).
Shariah-compliant assets grew by 6.58% to 240.88 billion ringgit ($57.73 billion) at the end of September from 226.01 billion ringgit at December 31.
This accounted for 28.54% of the Group’s total assets, which increased by a lower 4.58%.
Shariah-compliant net financing reached 186.52 billion ringgit, a growth of 7.01% from the end of 2018.
74.22%, or 207.25 billion ringgit, of total financing of 279.22 billion ringgit used murabahah contracts.
On the liabilities side, customer deposits rose by 12.52% to 166.29 billion ringgit for the nine months ending September 30.
However, investment accounts dropped to 20.14 billion ringgit from 23.57 billion ringgit.
Overall, Maybank Group made a net profit of 2.04 billion ringgit, a nudge up of 1.7% compared to the third-quarter of 2018.
Maybank is Malaysia’s biggest bank by assets.
It said it expects its financial performance for 2019 to be “satisfactory”.
($1 = 4.173 Malaysian ringgit)
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