Malaysia’s
largest banking group, Maybank, saw its profit for the financial
year ended 30 June fall by 59 percent to MYR1.67 billion ($472
million).
According to the bank,
the lower profit was due in part to higher loan loss provisions and
impairment charges in relation to investments in Bank Internasional
Indonesia and MCB Bank of Pakistan of MYR1.62 billion and MYR353
million respectively.
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The group’s loan loss
provision for the year was MYR1.7 billion, up 109.7 percent.
Consumer loans grew by 8.3 percent during the year led by increases
in securities financing (10.6 percent), credit card receivables
(11.3 percent), automobile financing (11.6 percent) and mortgages
(1.6 percent).
Loans to the corporate
sector increased 30 percent offsetting a contraction of 27 percent
in SME and business loans.
The key project for
Maybank is the LEAP 30 project, launched last August, aimed at
significantly improving revenue growth in priority segments by
2015.
The first wave of
tactical initiatives launched under LEAP 30 has generated
“significant financial impact”, said the group.
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By GlobalDataAs at end-June 2009,
total financial benefits amounted to MYR40 million in pre-tax
profit contribution as well as MYR143 million in cost
savings/avoidance.
One initiative, the
Tactical Sales Simulation for Consumer Banking, achieved 100
percent increase in sales performance for pilot branches
involved.
