Maybank announced a profit after tax and minority interest (PATAMI) of RM6.96 billion for the nine-month period (9M FY23) ended 30 September 2023, an increase of 21.0% from the same period a year earlier. Meanwhile, profit before tax (PBT) increased by 14.4% Y-o-Y to RM9.58 billion. The group said the better results were attributed to steady income growth and significant improvement in net impairment provisions.
Net operating income for the nine months increased by 3.6% Y-o-Y to RM20.38 billion driven by higher non-interest income (NOII) of 37.8% to RM5.95 billion compared with a year earlier. Net fund-based income meanwhile, was lower by 6.0% as net interest margin (NIM) compressed 25bps due to higher funding costs led by interest rate hikes in the past year and continued deposit competition.
Overhead costs expanded to RM9.77 billion from RM8.83 billion a year earlier on higher personnel costs, credit card-related fees due to higher billings, ROU (Right of Use) assets depreciation and IT-related costs. As a result, the Group’s pre-provisioning operating profit (PPOP) decreased slightly by 2.1% Y-o-Y to RM10.61 billion.
The banking group’s total assets grew from RM945 billion as at December 2022 to RM1.0 trillion as at September 2023 and
for the first time, it has exceeded the RM1.0 trillion mark.
For the third quarter of 2023, PATAMI rose 12.3% Y-o-Y to RM2.36 billion compared with the same period last year, while PBT for the quarter was up 1.8% to RM3.16 billion. Net operating income decreased by 5.2% Y-o-Y to RM6.75 billion, attributed to a decrease in net fund based income of RM4.81 billion compared with RM5.29 billion a year earlier as NIM compressed due to persisting funding competition. NOII however was up 6.1% Y-o-Y at RM1.94 billion while net impairment provisions improved with a 59.3% decrease to RM342.2 million.
Maybank Indonesia recorded a PBT of Rp1.66 trillion for the nine months ended 30 September 2023, up by 11.8% from Rp1.48 trillion in the same period last year from better earnings in the Bank’s loan composition, particularly from the retail and Retail Small-Medium Enterprise loans following a continual lift in public consumption.
Maybank Singapore saw a decline in its PBT by 4.2% Y-o-Y to S$505 million, impacted by lower income and higher overheads. However, a write-back in loan loss allowances mitigated the decline.
