Maybank makes history as market cap tops RM100 billion

PETALING JAYA: Malayan Banking Bhd’s (Maybank) market capitalisation broke the RM100 billion mark for the first time to RM100.49 billion yesterday, cementing its position as the largest listed company in Malaysia.

It is also the first company to have ever breached the RM100 billion level on Bursa Malaysia.

This comes after it allotted and issued 243.6 million new shares on Tuesday pursuant to its dividend reinvestment plan. The new shares were listed and quoted on Bursa Malaysia yesterday.

With the listing of the new shares, Maybank’s enlarged issued share capital stands at 10.52 billion shares.

Maybank shares have been on an uptrend since the beginning of the year, gaining 16.5% year to date on the back of investors’ interest in banking stocks.

The counter fell 3 sen to close at RM9.55 yesterday, on some 8.76 million shares done.

Maybank’s closest peer is Public Bank Bhd (market capitalisation of RM78.26 billion), followed by CIMB Group Holdings Bhd (RM60.74 billion), Hong Leong Bank Bhd (RM33.38 billion), RHB Bank Bhd (RM20.81 billion) and AMMB Holdings Bhd (RM14.83 billion).

The banking industry is set to see more catalysts after RHB Bank and AMMB started discussions on a merger deal to create the fourth largest banking group in the country.

Maybank’s net profit expanded 19.3% to RM1.7 billion for the first quarter ended March 31, 2017 from RM1.43 billion in the previous corresponding period, as it booked more loans, and benefited from an improved net interest margin as well as substantially lower net impairment losses.

Its gross loans rose 10.1% with financing from both the community financial services and global banking segments showing healthy expansion.