- Leading the region’s transition to a low-carbon economy with Sustainable Finance surpassing RM100 Billion

 
KUALA LUMPUR, Nov 27 (Bernama) -- Maybank, Southeast Asia’s fourth largest bank by assets, announced a net profit of RM7.56 billion for the nine months’ period (9M FY24) ended 30 September 2024, an increase of 8.5% from the same period a year earlier. Profit before tax (PBT) meanwhile was also up by 7.4% Y-o-Y to RM10.29 billion. The commendable results were driven by strong growth in non-interest income (NOII), driven by improved core fees and insurance performance.
 
Net operating income for the nine months increased by 8.7% Y-o-Y to RM22.15 billion driven by higher non-interest income (NOII) of 26.0% to RM7.49 billion compared to 2023, boosted by strong growth in core fees which rose 13.4%. Net fund based income also improved 1.5% to RM14.66 billion from RM14.44 billion compared to a year earlier supported by solid loans growth of 4.8% year to date annualised (YTD Ann.) from all key segments in Malaysia, Singapore and Indonesia. Net interest margin (NIM) declined 14 bps Y-o-Y as a result of higher funding cost across the home markets, but has been stable at 2.04% since the second quarter of 2024.
 
Overhead costs expanded to RM10.77 billion from RM9.77 billion a year earlier on higher personnel costs, IT expenses, administration and general costs and marketing expenses. Notwithstanding that, the Group’s pre-provisioning operating profit (PPOP) was up by 7.2% Y-o-Y to RM11.38 billion.
 
Net impairment provisions stood at RM1.27 billion from RM1.21 billion a year earlier while net loan provisions decreased by 10.0% to RM1.23 billion, driven by higher recoveries. This resulted in a lower net credit charge off rate for loans of 26 bps from 31 bps the year before. Gross impaired loans ratio decreased to 1.26% from 1.43% a year earlier while loan loss coverage remained comfortable at 125.8%.
 
President & Group CEO, Dato’ Khairussaleh Ramli said that Maybank is making good progress with healthy top lines and a commendable overall nine months earning, albeit growing challenges on the global front and market volatility across the region. Guided by its corporate strategy to focus and drive initiatives on super-growth areas, particularly wealth management, bancassurance and the global banking mid-market segment, has yielded positive outcomes for the Group. This is in addition to the prioritisation of maintaining strong liquidity position while improving asset quality and preserving sound capital levels. 

“As we advance through our M25+ journey, we remain committed to embedding customer relationships across segments, leveraging on advanced digital capabilities.  

On the sustainability front, a recent initiative to elevate our decarbonisation pathway was the publishing of an updated White Paper which now also covers the steel and aluminium sectors, in addition to the power and palm oil sectors published earlier. The White Paper will serve as a guide for the Group to meet its mid-term target in 2030.”
 
SOURCE : Maybank

FOR MORE INFORMATION, PLEASE CONTACT:
Maybank
Group Corporate Affairs
Name : Wan Nazdy
Tel : +6012 3517561

Name : Irwan
Tel : +6019 2787719

Email: [email protected] 

--BERNAMA