Chief executive officer Ibrahim Hassan said the target was achievable but challenging. (source)
Ibrahim said the bank was also aiming to have a more balanced investment portfolio.
“Currently 69% of the bank's financing portfolio is contributed by the consumer segment, while balance from the corporate segment. In the long run, we are targeting a mixture of 60% consumer and 40% corporate,” he told reporters after the signing of a RM100mil Commodity Murabahah Term Financing-i (CMFT-i) with Universiti Teknologi Malaysia yesterday.
Maybank's deputy president and head of community financial services, Lim Hong Tat, said the bank was on track to achieve a significant financing growth for the corporate segment with good prospects seen in the education sector.
The CMFT-i facility, coupled with other financing facilities approved since July 2010 for several government-linked institutions and corporations amounted to RM2bil.
“Our latest CMFT-i reinforces Maybank Islamic's market leadership as the largest Islamic financing provider in Malaysia as well as in keeping with our aspiration to be the largest Islamic bank in Asean by 2015,” Lim noted.
He said that since July last year, the bank had participated in two syndicated/club deals as participating financiers with participation amount of RM1.1bil for government projects.
Meanwhile, OSK Research Sdn Bhd had maintained a “buy” call for Malayan Banking Bhd (Maybank) with a target price of RM10.07 based on profits contribution by its subsidiary, Bank Internasional Indonesia (BII).
OSK said it was leaving its earnings estimates unchanged for now, pending the group's upcoming conference call for clarity on a high effective tax rate and an unusual 15% quarter-on-quarter spike in operating expenses.
In a research note, OSK said Maybank had set a three-year target for investment in BII, to break even against the funding cost that the group incurred in acquiring the bank.
“Judging purely from BII's reported financial year 2010 results, which reflect above-industry costs and credit charge off rates, Maybank may require 4.5 years to achieve this target,” OSK added.
However, OSK noted that BII was aggressively expanding by new hiring and increasing its branch network by nearly 43% over the next one and a half years.
“This would naturally help bring down the cost to income ratio closer to the industry average,” it said.
Source : http://biz.thestar.com.my/news/story.asp?file=/2011/2/12/business/8052287&sec=business - Feb 12, 2011
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