Maybank Singapore posts 7.5% rise in first-half pre-tax earnings

Maybank Singapore's first-half profit before tax rose 7.5 per cent to $198.07 million, despite tough economic conditions in the first six months of the year, the bank said on Wednesday. -- ST FILE PHOTO: MARK CHEONG
Maybank Singapore's first-half profit before tax rose 7.5 per cent to $198.07 million, despite tough economic conditions in the first six months of the year, the bank said on Wednesday. -- ST FILE PHOTO: MARK CHEONG

Maybank Singapore's first-half profit before tax rose 7.5 per cent to $198.07 million, despite tough economic conditions in the first six months of the year, the bank said on Wednesday.

This was mainly due to higher loans and a write-back in loan loss provisions, it added.

Loans grew at 11 per cent in the six months to June 30, with business loans growing 17 per cent from the same period a year ago.

Strong lending to building and construction sectors helped the growth in business loans, which was also boosted by syndicated and term loans. This helped to offset slower growth in consumer loans.