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"Maybank Philippines’...net profit amounted to P273.9 million [in the first half of fiscal year 2011], up 87% from the P146.2 million [in the same period last year],” Maybank Group President and Chief Executive Officer Abdul Wahid Omar told reporters during the announcement of the Maybank Group’s financial results for the six-month period ended December 2011.
Maybank’s 2011 fiscal year starts in July and ends in June 2012.
MPI, a commercial bank, is a subsidiary of the Maybank Group.
The increase in the bank’s income, Mr. Abdul Wahid said was supported by the 46% increase to P933.3 million in its net interest income.
He said MPI’s net interest income accounted for three-fourths of the bank’s total income.
The loan portfolio of Maybank’s unit in the Philippines surged by 57% in the July to December period from the same period last year.
“Loans breached the P23-billion mark, with almost all segments growing at a double-digit pace,” Mr. Abdul Wahid said.
MPI’s non-interest income, meanwhile, climbed by 20% to P307.5 billion from the year before.
Asked if the Maybank Group plans to acquire another financial institution in the Philippines since its direct competitor CIMB Group -- Malaysia’s second largest bank -- will acquire a stake in the Bank of Commerce, Mr. Abdul Wahid said: “We want to grow organically across the country and we don’t believe we need another acquisition to expand."
Last month, diversifying conglomerate San Miguel Corp. confirmed that it was in talks with the CIMB Group of Malaysia on a possible acquisition of the latter of an equity interest in the Bank of Commerce.
In 1997, Maybank Group acquired a 60% stake in PNB Republic Bank, a commercial bank and a subsidiary of the Philippine National Bank.
“What we need to make sure is that we would generate optimum business level to grow our presence and business in the Philippines,” Mr. Abdul Wahid said.
Asked if Maybank plans to infuse additional capital in MPI to enhance its operations in the Philippines, Mr. Abdul Wahid said: “we are prepared to invest more in conjunction to growing our assets.”
In 2010, the Maybank Group infused $50 million in MPI to make sure that the latter has sufficient capital as buffer against the risks it may encounter.