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.