KUALA LUMPUR, 27 Feb 2023 — Malayan Banking Bhd’s (Maybank) posted a net profit of RM8.23 billion for its financial year ended Dec 31, 2022 (FY2022), 1.7 per cent higher compared to RM8.10 billion registered in its previous financial year.
The banking group, in a filing with Bursa Malaysia, attributed its performance to the increase in its group community financial services (Group CFS) and group corporate banking and global markets.
Maybank said its revenue grew to RM50.91 billion from RM45.96 billion recorded in its FY 2021.
According to Maybank, allowances for impairment losses on loans, advances, financing and other debts decreased by RM469.2 million, or 17.7 per cent, to RM2.19 billion as compared with FY2021.
Net interest income and income from Islamic banking scheme operations rose by RM1.64 billion, or 8.4 per cent, to RM21.25 billion in FY2022 as compared with the previous corresponding financial year ended Dec 31, 2021.
Net earned insurance premiums from the insurance and takaful subsidiaries increased by RM130.8 million to RM8.98 billion in FY2022 as compared with FY2021.
Maybank registered an operating income of RM4.63 billion, an increase of 3.5 per cent in FY2022 from RM4.47 billion in the previous corresponding financial year.
For the fourth quarter, Maybank’s net profit rose 5.4 per cent to RM2.17 billion from RM2.06 billion while revenue increased to RM14.51 billion from RM11.26 billion previously.
Revenue for the fourth quarter of FY2022 increased to RM12.92 billion from RM12.53 billion registered in the fourth quarter of FY2021.
The Group’s net interest income and income from Islamic Banking Scheme operations for the quarter ended 31 December 2022 increased by RM478.1 million or 9.5 per cent to RM5.5 billion compared to the previous period corresponding quarter of FY 2021.
Allowances for impairment losses on loans, advances, financing and other debts for the fourth quarter of FY2022 rose by 96.3 per cent to RM308.8 million compared with that of the previous corresponding quarter ended Dec 31, 2021.
Moving forward, Maybank will continue to focus on opportunities for growth across its consumer and business segments within its ASEAN franchise.
“The group will maintain its solid liquidity position to support asset growth, through its current and savings accounts franchise,” Maybank said.
According to the banking group, asset quality management will remain a priority of the Group in 2023 and to date, the expiry of repayment assistance programmes has not led to any material effect on the Group’s asset quality. Maybank said it will continue to monitor the loan portfolio and remains committed to offering targeted support to customers if needed.
“The group will actively prioritise customer centricity through enhancing end-to-end customer journeys by providing financial solutions and services across various touchpoints.
Strategic investments will be channelled to further integrate its digital and physical networks, enhance IT capabilities, and drive regional cross-selling synergies aligned to the M25+ corporate strategy,” Maybank said.
“Barring any unforeseen circumstances, the group targets to achieve a headline key performance indicator of return on equity of between 10.5 per cent and 11 per cent for FY2023,” Maybank added.
— Akses Malaysia
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