Malaysia's top lender Maybank said its fiscal first-quarter net profit surged 54 percent from a year earlier, due to higher net interest and fee-based income.

Maybank said its earnings for the three months ended Sept 30 rose to RM881.8 million from RM572.2 million.

Abdul Wahid Omar, Maybank president and chief executive officer cited the "strong performance from our treasury operations, international business, investment banking and insurance" divisions as key factors.

Maybank said it expects performance to continue to improve "significantly" in the current financial year ending 30 June 2010.

"The domestic banking industry is expected to remain resilient as it has been able to weather the recession and avoided the worst effects of the global financial turmoil.

"Loans growth is expected to remain positive, albeit at a slower pace, while asset quality and capitalisation continues to be healthy amid excess liquidity," it said in a statement.

- AFP