KUALA LUMPUR: Malayan Banking Bhd
(Maybank) reported a 7.9% jump in its bottomline in its 2024 financial year (FY24), driven by strong operating income on the back of positive regional economic activities and a steady improvement in net impairment provisions.
During the year, the group said its net profit hit a historic high of RM10.09bil, an improvement from RM9.35bil in FY23.
Earnings per share rose to 83.61 sen from 77.55 sen previously.
Revenue, meanwhile, improved to RM68.94bil compared to RM63.52bil.
In the fourth quarter of 2024 (4QFY24), Maybank recorded a net profit of RM2.53bil, up from RM2.39bil, while revenue grew to RM16.74bil from RM16.17bil in 4QFY23.
The group declared a full-cash interim dividend of 32 sen per share, which brought the full-year dividend to 61 sen per share.
"We continue to see good traction across our core businesses, collectively strengthening our topline growth.
"At the same time, we better manage our asset quality and overheads. This has been further boosted by efforts to deepen our relationship with our customers, reinforcing our segmental approach and customer penetration across products and sectors," said president and group CEO Datuk Khairussaleh Ramli in a statement.
Maybank reported that net operating income grew 8.1% to RM29.57bil in FY24, led by a 22.6% increase in non-interest income from higher fees from wealth management and investment banking, and income from global markets and insurance.
Net fund based income rose 2% to RM19.69bil with loans growth of 5.3% y-o-y.
The group's net interest margin (NIM) stood at 2.05% as a result of higher funding cost and continued deposit competition. NIM improved three basis points in 4QFY24 owing to positive traction of deposit and funding strategy.
Meanwhile, net impairment provisions decreased 2% to RM1.65bil due to higher bad debts recovered in FY24.
The group’s deposits meanwhile expanded 6.5% on growth across its Singapore (18.7%), Malaysia (6%) and Indonesia market (3%).
Group fixed deposits was up 5.8% and group current account savings account (Casa) increased 5.5% owing to growth in the Singapore and Malaysia markets.
