Maybank swings to Q4 loss on writedowns

Malaysia’s largest lender Malayan Banking (Maybank) said on Tuesday it swung to a fourth-quarter loss as it wrote down by RM1.97 billion the asset values of its units in Indonesia and Pakistan.

State-controlled Maybank, with a market value of RM46 billion (US$13.1 billion), posted an April-June net loss of RM1.1 billion compared with a profit of RM703.2 million a year ago.

The bank said it will pay a final dividend of 8 sen per share.

Maybank spent about US$3 billion last year to acquire close to a 100 percent stake in Bank International Indonesia (BII), 20 percent of Pakistan’s MCB Bank and 15 percent of Vietnam’s An Binh Bank. - + selanjutnya

Maybank swings to Q4 loss on writedowns