Malayan Banking Bhd reported a net profit of RM1.68 billion in the third quarter ended September 30, 2021, a 13.71 percent decrease from the previous corresponding quarter due to lower fee-based income and higher impairment losses.
As a result, earnings per share in Q3FY21 fell to 14.41 sen from 17.37 sen the previous year and reported revenue of RM11.15 billion an 18.97% decrease from RM13.76 billion in the previous quarter.
“In 3QFY20, there was a 26.6% decrease in net fee-based income to RM1.43 billion mainly from lower investment and trading income, coupled with higher net impairment losses on additional proactive provisioning made in view of the varying levels of movement restrictions across home markets Malaysia, Singapore and Indonesia which were emplaced in the recent third quarter,” it says in a statement today.
Net operating income in Q3 however was 1.2% higher y-o-y to RM6.15 billion due to higher net fund-based income of 14.3% to RM4.72 billion.
There was no interim dividend declared during the financial period.
Chairman and Group President & CEO Maybank Chairman, Tan Sri Dato Sri Zamzamzairani Mohd Isa says that despite the impact of movement restrictions on the Group’s third-quarter performance, the Group’s strong liquidity and capital base will allow it to tap growth opportunities that are emerging with the reopening of the
economy.
“As Malaysia sees economic recovery in the fourth quarter of 2021 on the back of strong vaccination rates and an uptick in business and leisure mobility, we will position ourselves for renewed growth and support our customers in making the most of these early days of economic recovery.”
Meanwhile, Group President & CEO Datuk Abdul Farid Alias said the Group will continue to provide tailored financial solutions to meet the current needs of customers that have shifted from preservation to growth, with the reopening of economies, while continuing to support customers who require targeted financial assistance.
“We will help our customers capitalise on growth opportunities arising from the recovery and so they are able to sustain themselves moving forward in this new operating environment. This includes supporting them in embracing digitalisation in their operations, exploring alternative forms of financing solutions and looking at investment solutions that can help grow their wealth. Meanwhile, within the organisation, we are constantly exploring ways to improve our efforts in relation to the climate and sustainability agenda as part of our motto to always do the right thing.”
