KUALA LUMPUR (Oct 24): PT Bank Maybank Indonesia Tbk said its net profit for the first nine months of FY16 rose 118.4% to 1.3 trillion rupiah (about RM416.91 million) from 592.2 billion rupiah a year earlier on higher net interest and fee-based income.

Islamic banking income rise also led to profit growth.

In a statement today, Maybank Indonesia said net interest income rose to 5.5 trillion rupiah from 4.8 trillion rupiah while fee-based income climbed to 1.9 trillion rupiah from 1.6 trillion rupiah.

"A healthy rise in net interest income, improvement in fee-based income, continuous cost management efforts and outstanding achievement in Sharia banking contributed to the overall improved performance for the period.

"Sharia banking continued to record outstanding performance in the nine months of 2016. Its net profit increased by 43.9% to 344 billion rupiah," Maybank Indonesia said.

At Bursa Malaysia, Maybank shares rose two sen or 0.3% at 12:30pm to settle at RM7.71 for a market value of RM77.07 billion. The stock saw some two million shares traded.