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Maybank Singapore net income up 1.4 per cent for the year as loans hit record high

Published on Feb 27, 2014 5:48 PM

Maybank Singapore has posted a 1.4 per cent increase in net income for the full year to $708.83 million, as fee-based income rose.

The Malaysian bank said on Thursday that its Singapore operations also recorded a strong loans growth with total loans portfolio at a record $30.9 billion at the end of the year ended Dec 31.

This was driven by a growth in business loans, which increased 15.8 per cent, driven by strong demand for term loans and revolving credit loans.

Consumer loans grew 10.3 per cent, led by housing loans followed by term loans and credit cards.

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