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.
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