Maybank president and group CEO Datuk Khairussaleh Ramli
KUALA LUMPUR: Malayan Banking Bhd
(Maybank) is optimistic of its prospects for the second half of 2024, as it builds on the momentum of a commendable performance in the first half the year.
The country's largest bank by assets posted a net profit of RM2.53bil in the second quarter ended June 30, 2024 (2QFY24), against a net profit of RM2.34bil in the year-ago quarter.
It said revenue rose to RM17.17bil in the quarter under review from RM16.13bil in 2QFY23, while earnings per share rose to 20.96 sen from 19.4 sen previously.
For the first six months of the year, the bank recorded a net profit of RM5.02bil on revenue of RM35.52bil compared to net profit of RM4.6bil and revenue of RM31.32bil in 1HFY23.
The board of directors declared a first interim full-cash dividend of 29 sen per share, which represents a payout ratio of 69.7% or payout of RM3.5bil.
According to the group, 1HFY24 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 grew 9.4% to RM14.92bil, mainly owing to a 28.4% year-on-year (y-o-y) increase in NOII to RM5.15bil.
Net fund-based income also improved to RM9.77bil from RM9.62bil compared to a year earlier supported by strong loans growth of 10.4% from all key segments in Malaysia, Singapore and Indonesia.
The bank's net interest margin (NIM) declined 15 basis points (bps) y-o-y as a result of higher funding cost across the home markets.
However, NIM improved 2bps quarter-on-quarter (q-o-q).
Maybank said its group loans grew 10.4% y-o-y as at end-June 2024, as a result of increases in its home markets.
Its deposits expanded 7.9%, led by growth in the Malaysian market, followed by Singapore and Indonesia.
Maybank chairman Tan Sri Zamzamzairani Mohd Isa said the group’s financial performance in the first half of 2024 has been commendable, reflecting Maybank’s commitment to excellence and resilience in a volatile market environment.
"Maybank’s M25+ strategic initiatives are well-positioned to capitalise on emerging opportunities and drive sustainable growth.
"The group is confident, that its solid foundation and forward-thinking approach will enable it to navigate any challenges and deliver consistent value to its stakeholders," he said in a statement.
President and group CEO Datuk Khairussaleh Ramli added that the group will actively capitalise on its footprint particularly in Southeast Asia.
"“We will continue to focus on customer experience and journeys across segments. Our efforts to institutionalise the Agile ways of working is making good progress towards future proofing the organisation beyond M25+, enhancing our competitive edge and driving sustainable growth.
"We are staying the course and sustaining this momentum and our intent to provide differentiated values-based solutions, aligned with our purpose to Humanising Financial Services.”
