Maybank Singapore's Q1 pre-tax profit up 10.5% at $110.9 million

Pedestrians walk past a Maybank branch in Singapore. Maybank Singapore posted strong first quarter results with a 10.5 per cent rise in pre-tax profit to $110.9 million on the back of a 12.2 per cent rise in net income. -- PHOTO: BLOOMBERG
Pedestrians walk past a Maybank branch in Singapore. Maybank Singapore posted strong first quarter results with a 10.5 per cent rise in pre-tax profit to $110.9 million on the back of a 12.2 per cent rise in net income. -- PHOTO: BLOOMBERG

SINGAPORE - Maybank Singapore posted strong first quarter results with a 10.5 per cent rise in pre-tax profit to $110.9 million on the back of a 12.2 per cent rise in net income.

The current and savings account (CASA) deposit ratio in Singapore rose to 25.8 per cent for the three months to Mar 31, compared 20.4 per cent in the same period a year earlier.

Net fee based income increased by 14.6 per cent due to higher treasury, wealth management and trade finance income, while net fund based income rose by 10.5 per cent, due to a 5.1 per cent annualised expansion in loans.

Business loans grew 5.8 per cent due to trade finance and term loans, lifting corporate loans to 66 per cent of the total Singapore loan portfolio.

Consumer loans grew at an annualised 3.8 per cent, mainly due to housing loans.

Maybank Singapore also said asset quality at the Singapore operations saw net impaired loans ratio improving to 0.23 per cent compared with year earlier.

Maybank chairman Megat Zaharuddin Mohd Nor said continued economic uncertainties globally saw first quarter results coming in relatively softer for the group.

"The impact, however, is cushioned off by our well-diversified regional footprint and strong consumer franchise, which enabled us to sustain a steady pace of growth in the quarter."