Maybank, Southeast Asia’s fourth-largest bank by assets, today said that its net profit for the second quarter ended 30 June 2021 (2QFY21) came in at RM1.96 billion compared with RM941.7 million in 2QFY20 as loans continued to grow, net interest margin expanded from a more cost-effective funding mix and impairments came in lower compared with a year earlier.
It said that its Profit before tax for the second quarter stood at RM2.73 billion from RM1.26 billion last year.
The Group recorded steady growth in net operating income for the quarter which came in 9.3% higher at RM6.17 billion from a year earlier. This was on the back of a 26.4% improvement in net fund based income as a result of loans expansion and strong growth in low-cost current and savings accounts (CASA) deposits, which more than offset the 27.0% decline in net fee-based income which was mainly attributable to the impact from the movement restrictions in the region.
Additionally, net fund based income last year was lower as there was a significant Day-1 modification loss owing to the six-month blanket moratorium effective April 1, 2020.
Meanwhile, Group President & CEO, Datuk Abdul Farid Alias says given the expectation for a more challenging second half, the Group will continue its strategy of focusing on robust risk management, strengthening its capital and growing its CASA deposit base to provide sufficient buffers for unexpected events.
“Our strong liquidity and capital positions have given us the ability to support our customers through this prolonged pandemic while at the same time, enabled us to pursue growth opportunities across the region and undertake the necessary investments to prepare ourselves for the future,” he said.
“Moving forward, we will continue to strengthen our digital capabilities and pursuit of innovation, as well as accelerate our sustainability commitments which we believe will provide us the competitive edge in pursuing our growth agenda.”
