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KUALA LUMPUR, Nov 23 — Malayan Banking Bhd’s (Maybank) net profit jumped 28.5 per cent to RM2.17 billion in the third quarter ended September 30, 2022 (Q3 2022) from RM1.68 billion in the same period last year.

Revenue rose to RM13.42 billion from RM11.15 billion previously, the group said in a filing with Bursa Malaysia today.

The stronger results were driven by the better performance of its Islamic banking scheme operations, insurance and takaful subsidiaries, and other operating income, Maybank said.

“The increase (in other operating income) was mainly due to higher unrealised mark-to-market gain on revaluation of financial liabilities at fair value through profit or loss of RM965.5 million and net foreign exchange gain of RM445.9 million in Q3 2022 compared with a net loss of RM40.7 million in the same period last year.

“The increases were, however, offset by net loss in investment income of RM339.6 million in Q3 2022 compared to net gain of RM108.9 million for the previous period corresponding quarter, lower realised gain on derivatives of RM357.5 million, and higher unrealised mark-to-market loss on revaluation of derivatives of RM345.9 million,” it said.

For 2022, Maybank said it will continue focusing on driving loans growth in key business segments across the group’s home markets amid a rising rate environment, while continuing to drive fee-based income opportunities in growth areas such as wealth management, global markets, investment banking, asset management, and insurance.

“Strategic investments will be channelled to enhance the group’s digital offerings and information technology capabilities aligned to the priorities under Maybank’s M25+ corporate strategy with specific emphasis on customer centricity.

“On sustainability, the group’s focus remains on driving greater financial inclusion, offering sustainable financing and solutions as well as supporting the move towards a responsible transition to a low carbon economy,” it said.

Maybank said, in an uncertain economic environment, it will maintain its liquidity and capital positions to support business growth and the needs of its stakeholders.

It will also continue to proactively engage with customers on a targeted basis to extend additional support for those in need and as part of its robust asset quality management process.

“The group is maintaining its headline key performance indicator, namely return on equity of between 9.5 and 10 per cent for financial year 2022, factoring the impact from the one-off Prosperity Tax announced by the government,” it said. — Bernama