Maybank Q1 2024 net profit rises by 9.8% to MYR2.49bn

Maybank, Southeast Asia’s fourth largest bank by assets, reports a first quarter 9.8% increase in net profit to MYR2.49bn ($528.8m). Profit before tax rises by 12.6% y-o-y to MYR3.44bn.

Highlights include a 79.2% y-o-y increase in non-interest income to MYR2.74bn boosted by improved core fees which rose 17.3% as well as better investment & trading income.

On the other hand, net interest margin dips by 19 basis points y-o-y as a result of higher funding cost across its home markets.

President & Group CEO, Khairussaleh Ramlisaid that the first quarter earnings are supported by robust topline, good deposit growth and stable asset quality.

“We remain resolute, adapting and advancing the agile ways of working to continue our progress on strategic initiatives towards meeting customer expectations. Our leadership in sustainability puts us in a good position to exceed our set targets to deploy sustainable financing and decarbonisation solutions not only to our large corporate customers but also to the mid-sized and small firms.”

Group gross loans rise by 11.2% y-o-y lifted by increases in its home markets of Malaysia, Singapore and Indonesia by 8.2%, 12.2% and 13.6% respectively. The group’s deposits rise 8.9% on growth across its Indonesia 13.1%, Singapore 9.8% and Malaysia markets of 6.2%.

Maybank Singapore’s first quarter net income rises by 11.1% y-o-y to S$304.42m ($225.6m). Maybank Indonesia records a pre-provisioning operating profit of IDR609bn ($38m) as the bank booked higher interest income up 10.7% y-o-y. Loans increase by 14.0% to IDR122.28trn with corporate loans +18.2% and retail +9.6%.

"Maybank Q1 2024 net profit rises by 9.8% to MYR2.49bn" was originally created and published by Retail Banker International, a GlobalData owned brand.

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