Maybank - 3Q Results

Summary :-
1)Revenue for 9 months ending 31/03/2010 gained 8.61% to RM13.82B. 
2)Pretax profit expanded 60.71% to RM4.01B.
3)Net profit advanced 60.53% to RM2.91B.
4)Net Earning per share were 41.05 cents
5) No Dividend declared.

Our rating :
Buy/Hold

Maybank: Above market expectations

The bank posted 1H10 net profit of RM1.875bn, up 44% yoy and 21% above expectations. Key takeaways from the results: (1) Net interest income increased 18% yoy to RM3.31bn due to the higher contribution from its 97.5%-owned PT Bank Internasional Indonesia (2) Income from Islamic banking operations increased 25% yoy to RM738m due to higher income derived from investing of depositors’ fund. (3) Non interest income increased 78% yoy to RM2.36bn on higher fee income, unrealized gains on revaluation of derivatives, forex profits and gain on sales of securities. (4) NPL ratio improved to 1.43% from FY09’s 1.64%.
It is currently trading at FY11E 1.7x P/BV, in-line with banking peers.

(HLB Research)

Maybank to up stake in Viet bank

Vietnam's An Binh Bank, 15% owned by Malaysia's top lender Maybank, said it would sell another 5% for USD19.3m to the Malaysian bank this month. Partly private ABBank said in a statement, the sale involving the issue of more than 17.8 million new shares, would raise its registered capital by 22% to 3.48trn dong or (USD88m) between 20 and 30 Dec. With a stake of 20%, Maybank's holding in the Vietnamese bank will be the maximum for a foreign partner, and on par with HSBC Holdings plc's stake in Hanoi-based Techcombank. (BT)