Robust results for Maybank Indonesia in first quarter

President director of Maybank Indonesia Taswin Zakaria said the bank started the year with a promising outlook and will continue implementing its strategies and initiatives to enhance its loan growth and expand its customer base through acquisition, which will strengthen its fundamentals.

PETALING JAYA: Maybank Indonesia delivered robust performance in the first quarter of its financial year 2022 (1QFY22), backed by its strong effort in managing costs across the business and growth in fees as well as in its retail loan segment.

President director of Maybank Indonesia Taswin Zakaria said the bank started the year with a promising outlook and will continue implementing its strategies and initiatives to enhance its loan growth and expand its customer base through acquisition, which will strengthen its fundamentals.

The bank’s pre-tax profit rose 12.1% to 562 billion rupiah (RM168.62mil) in the 1QFY22 compared with 501 billion rupiah (RM150.32mil) last year.

This is due to lower provisions and cost of funds, well-contained overheads cost as well as strong growth in fee based-income resulting from global market transactions and fee income from subsidiaries.

“The bank’s fee-based income increased by 4.9% to 475 billion rupiah (RM142.52mil) from 453 billion rupiah (RM135.92mil) last year.

“This is contributed mainly by a significant rise in global market transaction fees by 46% to 51 billion rupiah (RM15.3mil) from 35 billion rupiah (RM10.5mil), and fee income from subsidiaries,” Maybank said in a statement.

Meanwhile, the bank’s total customer deposits reduced by 9.5% to 105.98 trillion rupiah (RM31.80bil) in the 1QFY22 from 117.07 trillion rupiah (RM35.14bil) last year, mainly contributed by a decline in time deposits, which fell 18.9% to 56.03 trillion rupiah (RM16.82bil) from 69.08 trillion rupiah (RM20.73bil) last year.

However, the bank said this is in line with its strategy to focus on low-cost deposits by leveraging its digital services to acquire customer deposits.

As a consequence, current and savings account (CASA) deposits grew 4.1% to 49.95 trillion rupiah (RM14.99bil) from 47.99 trillion rupiah (RM14.40bil), comprising a 7.9% growth in savings and 1.1% growth in current accounts.