Maybank announced a 9.0% Y-o-Y increase in its profit after tax and minority interests (PATAMI) of RM5.02 billion for the first half of 2024 (1H FY24). Profit before tax (PBT) was up 7.2% to RM6.89 billion. The commendable results were driven by strong growth in non-interest income (NOII), arising from higher core fees, improved insurance performance as well as an increase in treasury and market gains.
Net operating income for the first half grew by 9.4% to RM14.92 billion. This was mainly attributed to a 28.4% Y-o-Y increase in NOII to RM5.15 billion boosted by strong growth in core fees which rose 16.5%, as well as improved treasury and market income. Net fund based income also improved to RM9.77 billion from RM9.62 billion compared to a year earlier supported by strong loans growth of 10.4% from all key segments in Malaysia, Singapore and Indonesia. Net interest margin (NIM)
declined 15 bps Y-o-Y as a result of higher funding cost across the home markets. However, NIM improved by 2 bps Q-o-Q.
For the second quarter of 2024, Maybank’s PATAMI rose by 8.2% Y-o-Y to RM2.53 billion compared with the same period last year, while PBT for the quarter was up 2.2%. Net operating income expanded slightly to RM7.34 billion from RM7.31 billion led by higher net fund based income by 2.2% to RM4.93 billion. NOII however recorded a slight decrease to RM2.41 billion compared with RM2.48 billion.
The Board of Directors has declared a first interim full cash dividend of 29 sen per share. This translates into a dividend payout ratio of 69.7% equivalent to RM3.50 billion payout.
