Pre-tax profit for the year rose 9.4% to RM4.36 billion compared to the previous year. Operating profit surpassed the RM5 billion mark, reaching RM5.1 billion, compared with RM4.87 billion previously.
Return on equity for the group totaled 18.8% after deferred tax adjustments while net revenue grew 10.1%, exceeding Maybank’s target key performance indicators of 18% and 10%, respectively.
Datuk Amirsham, president and CEO of Maybank, said: The encouraging results we are seeing in our revenue growth reaffirms our diversification strategy for the group and gives us a position of advantage as we set our sights to aggressively look into new markets and further expand our strong network, both domestic and regional.
He said that the banking and finance sector, which was the mainstay of the group’s business, continued to show strong performance, with net revenue growing 11.7% to reach RM8.1 billion.
In the non-banking business, the group continues to see strong growth from insurance, where net revenue grew over 77% to RM761.2 million from RM430 million previously.
Group net interest income for the year increased 14.6% to RM5.13 billion, compared with the previous corresponding period, on the back of a larger loan base, as well as increase in placements with banks and other financial institutions. The group’s net loans and financing rose by 7.2% for the financial year spurred by growth in the domestic SME and selected retail segments such as automobile financing and cards receivables, as well as from the international operations. Loan loss coverage also improved further to 80.3% at June 2007 from 69.8% in June 2006.
