Maybank reported a net profit of RM8.23 billion for the financial year ended 31 December 2022 (FY22) with Profit before tax being 11.6% higher at RM12.15 billion from RM10.89 billion a year earlier. The bank said the better results were driven by improving regional economic activities that supported the Group’s higher operating income as well as lower net impairment losses.
Net operating income grew to a strong RM27.62 billion, which was achieved on the back of an 8.4% Y-o-Y increase in total net fund based income to RM20.69 billion as a result of stronger loans growth in its Malaysia and Indonesia markets, of 6.7% and 5.8% respectively as well as an expansion in net interest margin (NIM) of 7 bps on higher interest rates. Non-interest income (NOII) was 9.0% higher at RM6.93 billion mainly from mark-to-market gains on financial liabilities and foreign exchange gains.
Operating cost, meanwhile, was higher at RM12.81 billion compared with RM11.52 billion a year earlier on normalising of business activities as well as collective agreement adjustments and one-off credit card gift points redemption cost.
For the fourth quarter (4QFY22), the Group recorded a 21.6% rise in PBT to RM3.31 billion compared to the same period in the previous year, benefitting from the pick-up in regional economies during the period. Net profit meanwhile, rose to a healthy 5.4% Y-o-Y to RM2.17 billion.
A similar trend was also seen in the Q-o-Q performance with PBT for the quarter which grew 3.1% as net impairment losses dropped 77.3% to RM191.0 million, while Net Profit remained relatively stable compared with the quarter earlier.
The group also declares a full cash second interim dividend of 30 sen.
