3QFY06/10 results within expectations. Maybank’s 3Q net profit of RM1.03bn (+104.7% yoy; +3.7% qoq) was within our but slightly ahead of consensus estimates with 9MFY10 net profit of RM2.9bn (+60.5% yoy) accounting for 80% and 85% of our and consensus full-year forecasts respectively. 3Q non-interest income was boosted by unrealised gains from the revaluation of derivatives of RM176m and this tends to be lumpy. As expected, Maybank did not declare any dividend.
Malayan Banking Berhad : Tracking Expectations - 14/05/2010
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