Maybank’s Indonesia operation, PT Bank Maybank Indonesia, Tbk. announced its consolidated financial results ended 31 March 2023, with Profit before Tax (PBT) increasing by 33.3% to Rp750 billion from Rp562 billion last year.
The bank said this was derived from improved earnings on its assets composition due to increase in loans as demands for corporate and retail loans increased in line with the improvement in the economy. It also booked higher fee income primarily from the Global Markets (GM) transactions as markets regained its momentum, and subsidiaries’ strong performance as well as improved asset quality.
Profit after Tax & Minority Interest (PATAMI) rose significantly by 45.7% to Rp566 billion from Rp388 billion the year before. This was due to better earnings from the Bank’s improved assets composition which led to an increase in Net Interest Income (NII) by 6.7% Y-o-Y and Net Interest Margin (NIM) expanded by 35 bps to 5.1% Y-o-Y.
Additionally, it also booked a significant rise in fee-based income by 20.7% to Rp574 billion from Rp475 billion last year deriving from higher Global Market fees, which grew 98.7% to Rp101 billion from Rp51 billion as the market regained its momentum. Asset recovery fees also increased by more than 7 times to Rp142 billion as a result of the Bank’s intensive remedial efforts over the past year.
In the first quarter of 2023, the Bank’s total outstanding loans grew 7.7% to Rp107.22 trillion from Rp99.52 trillion as CFS Retail loans grew 14.6% to Rp40.10 trillion from Rp34.98 trillion, and Global Banking loans grew 11.4% to Rp39.29 trillion from Rp35.26 trillion last year.
The Bank’s CFS Retail loans grew across all segments, supported by the subsidiaries’ auto loans, which grew 26.1% to Rp20.54 trillion from Rp16.29 trillion, followed by credit card business & personal loans, which grew 20.6%, Y-o-Y and mortgage grew 2.2% Y-o-Y. However, CFS Non-Retail loans declined by 5.0% as the Business Banking segment declined by 14.6%, while SME+ segment remained largely stable.
Total deposits decreased by 2.2% while CASA ratio improved to 51.9% in March 2023 from 47.1% in March 2022. However, Savings Accounts dropped by 6.7%, and Time Deposits were reduced by 11.0% as the Bank continued to exit high-cost funding.
President Director Maybank Indonesia, Taswin Zakaria commented on the earings “Maybank Indonesia started 2023 on a positive note, and our first quarter of the year delivered strong growth performance across our key business segments.”
