Maybank Indonesia stays steady despite pandemic


“We are encouraged that despite the challenging nine months of this year, Maybank Indonesia has managed to maintain a steady performance and demonstrated its resilience to the impact from the pandemic," president commissioner of Maybank Indonesia group president and CEO of Maybank Datuk Abdul Farid Alias said.

PETALING JAYA: PT Bank Maybank Indonesia Tbk (Maybank Indonesia) reported an unchanged net profit at 1.1 trillion rupiah as of Sept 30,2020 compared with the previous corresponding period.

The bank said in a press release that net profit came in unchanged due to disciplined cost management, coupled with a solid growth in its Sharia business, and an improvement in its recurring fee-based income.

This had helped offset the impact from the market volatility, disruption and reduction in loans as a result of the Covid-19 outbreak, it said.

“The unprecedented outbreak has inevitably impacted the performance of the banking industry, including ours. Our results reflect the challenging conditions we are experiencing whereby necessary measures were, and continue to be, implemented to contain further impact of the situation, ” Maybank Indonesia’s president director Taswin Zakaria said.

“We will continue to take proactive measures to anticipate further impact to our portfolio from this pandemic while at the same time seizing business opportunities through our digital banking services which now have started to show positive results, ” he added. Taswin said the bank would remain vigilant over its asset quality with its prudent stance and stringent risk management approach while finding ways to engage its customers to provide necessary support for business sustainability.

Maybank Indonesia said its fee-based income was 7.1% lower at 1.7 trillion rupiah in Sept 2020. It noted that in the previous year, it had included a one-off fee income from the settlement of domestic arbitration amounting to 101.0 billion rupiah and tax related income of 68.7 billion rupiah.

Its recurring fee-based income for the nine months increased by 2.2% mainly from global market related fees, bancassurance, investment, and e-channel transaction fees.

The bank said its funding profile continued to improve with the current account savings account (CASA) ratio rising from 36.4% in Sept 2019 to 39.7% in Sept 2020, on the back of a 13.4% and 5.9% increase respectively in current and savings accounts.

“We are encouraged that despite the challenging nine months of this year, Maybank Indonesia has managed to maintain a steady performance and demonstrated its resilience to the impact from the pandemic.

"While the outlook continues to remain uncertain, we believe the substantial capital and liquidity buffers we have built will help us navigate the challenges in the coming quarters, ” president commissioner of Maybank Indonesia group president and CEO of Maybank Datuk Abdul Farid Alias said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Maybank , Indonesia , Abdul Farid , pandemic ,

   

Did you find this article insightful?

Yes
No

Next In Business News

Top Glove predicts 3% hit on FY21 sales due to production halt �
Airlines set to lose US$157bil amid worsening slump - IATA
AirAsia looks beyond losses to travel return
CPO December contract closes lower at RM3,448
My EG posts net profit of RM70.74m in 3Q
Leong Hup International's 3Q results up on-quarter
Inari sees strong demand for 5G RF components as Q1 net profit soars
PBA 3Q net profit jumps nearly 83% to RM11.3m
Majuperak returns to profit after three consecutive loss-making quarters
UEM Sunrise posts RM28.9mil loss in Q3�

Stories You'll Enjoy