Maybank posts K11.67m profit

MAYBANK (PNG) Ltd posted a net profit of K11.67 million for the first six months of last year, up 41% from K6.84 million earned for the same period in 2008.This was 6.8% of the average total assets.The bank published its half-year report last Friday as required by the Central Bank.Its report said Maybank was “pleased to provide a summary” of its financial results and condition for the financial year ended 30, June 2009 as required by the Bank of Papua New Guinea (Central Bank).Total capital was K73.57 million, up 15% from the previous June figure of K62.40 million, while total liabilities amounted to K114.15 million, up 19% from K92.94 million posted in June 2008.Assets during the first six months of last year were valued at K187.72 million, up 17% from K155.33 million during the same period the previous year.Total deposits (interest bearing and non-interest bearing) amounted to K98.33 million, up 20%, from K78.89 million the previous year.During the period in review, Maybank realised a net interest income of K10.5 million, up 27% from K7.68 million posted the previous year.Net income from investments and lending rose 28% to K9.8 million from K7.1 million (2008).Operating income before tax was K16.68 million in 2009, up 41% from K9.77 million of the previous year.A total of K5 million was due for tax for the period in review last year, up 41% from 2008’s K2.94 million.