KUALA LUMPUR, May 20 — The Malaysian economy will pick up pace and grow further in the second half of this year following the moderate performance in the first quarter, says a leading banker.
Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said the moderation in the gross domestic product (GDP) growth in the first quarter reflected the weak economic activities during the period.
“I expect the economy to pick up in the second half, driven by the removal of the political uncertainty and the government’s strong economic policy,” Abdul Wahid, who has been appointed Minister in the Prime Minister’s Department in charge of the Economic Planning Unit (EPU), told reporters after attending the SSM National Conference here today.
Bank Negara Malaysia announced last week that Malaysia’s GDP expanded by 4.1 per cent in the first quarter of this year amid the weaker external environment compared with 5.1 per cent in the same quarter last year and 6.5 per cent in the fourth quarter 2012.
Abdul Wahid said the country’s economic driver would be the new government economic plans.
“The Maybank Investment segment has forecast about 5.3 per cent growth this year and the government expects about five to six per cent. I believe we should achieve somewhere along there,” he said.
Abdul Wahid said he was confident that Maybank Islamic would contribute one third to Maybank group’s earnings.“We expect the Islamic bank segment to contribute more and achieve one third by 2015,” he said, adding that currently Maybank Islamic contributed about 30 per cent to the Maybank group’s earnings.
He said the Islamic banking was growing especially in Malaysia.Asked on the bank’s succession plan, Abdul Wahid said the board of directors were in discussions to pick his successor.
“I’m sure the bank has a good succession plan and they probably need some time before making any announcement,” he said.Abdul Wahid said he would resign as Maybank president and chief executive officer on June 4.“But before this, let me complete my duties at Maybank, which will release its first quarter financial results on May 23,” he said.
Abdul Wahid described his new responsibility as the minister in charge of the EPU as a very challenging task.
“I’m very nervous on my new position as a minister, this is a public office, with a mammoth responsibility, but I’m honoured to serve the country.
“This is a great challenge and I will do my best,” he said.After helming three corporate giants, namely UEM Builders Bhd, Telekom Malaysia Bhd and Maybank, he will take his oath of office as a senator on June 5 to assume his minister’s post. – Bernama
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