KUALA LUMPUR: Malayan Banking Bhd (Maybank) has clarified that its insurance and takaful business recorded a healthy profit before tax (PBT) in the third quarter ended September 30, as opposed to “losses” as reported in the news yesterday.
In a statement yesterday, it said PBT for the segment stood at RM193.8 million in the quarter and RM582.4 million in the nine months ended September 30.
The bank said the discrepancy in figures is due to the reporting format used in the financial results.
“When Maybank announced its numbers on Wednesday, it presented the net interest income, net non-interest income and net income from insurance and takaful business separately. Due to this segregation, there is a misinterpretation of the profitability of the insurance and takaful sector,” it said.
For the nine-month period, its gross premium for the general segment rose 4.6 per cent while its life and family premium saw an 8.4 per cent decline as result of lower single premium contribution.
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