Malaysia's biggest lender Malayan Banking said today it expected better financial results this year following a first quarter that saw a strong rise in profits.

maybank malaysia bank 121108 In its filing with the local bourse, the bank said its first quarter net profits rose 17.0 percent year on year to RM1.03 billion (US$331 million dollars) with net interest income rising 8.6 percent to RM1.63 billion.

"The group expects its financial performance for the financial year ending June 30, 2011, to be better than the last financial year and is on track to meeting its target return on equity of 14 percent," it said.

Income from Islamic banking was down 11.0 percent at RM338.2 million, but the bank said net income from its insurance business rose 20.5 percent to RM86.8 million.

In August, Maybank reported its fiscal year 2010 net profit had surged due to an all-round improvement in business activities, seeing a net profit of RM3.82 billion, a 451.9 percent increase for the financial year ended 30 June 2010.