Maybank Islamic FY 2017 profit before tax up 41.4 pct, share of loans up 2.4 pct

Malaysia's Maybank Islamic's profit before tax surged 41.4 percent to 2.75 billion ringgit ($700.2 million) for the full year 2017 compared to 2016, the bank reported yesterday.

This accounts for 27.2 percent of Maybank Group's total profit before tax and zakat (PBT) of 10.1 billion ringgit ($2.6 billion), which constitutes a larger share of PBT than in 2016 when it stood at 22 percent.

The Shariah-compliant bank under Malaysia's biggest banking group also saw its share of financing rise by 2.4 percent to make up 56.9 percent of all its loans and financing in 2017.

Maybank Islamic's market share of Shariah-compliant banking assets in Malaysia was 31 percent and Shariah-compliant financing was 33.8 percent as at December 2017, according to the bank.

Maybank Group yesterday announced a record net profit of 7.52 billion ringgit ($1.9 billion) for full year 2017, a jump of 11.5 percent year-on-year. This is the first time the Group crossed the 7 billion ringgit net profit mark.

Maybank Group's investor presentation for FY 2017 can be found HERE.