KUALA LUMPUR, Feb. 28 (Xinhua) -- Malaysia's largest lender Malayan Banking Berhad (Maybank) has reported higher net earnings in the fourth quarter ending on Dec. 31, 2023, underpinned by higher revenue.
Maybank said in a bourse filing that its net profit for the quarter rose 8.3 percent year on year to 2.39 billion ringgit (501 million U.S. dollars).
As for the full year, the firm's net profit rose 17.5 percent year on year to 9.35 billion ringgit.
Maybank said in a statement that the better results in 2023 were driven by higher operating income on the back of improved regional economic activities and significant improvement in net impairment provisions.
Barring any unforeseen circumstances, the group aims to achieve a headline key performance indicator of return on equity of 11 percent for 2024. (1 ringgit equals 0.21 U.S. dollars) ■
