Maybank Indonesia said it registered better asset quality as the economy continued to stabilise, leading to lower loan-loss provision. — Bloomberg
KUALA LUMPUR: Malayan Banking Bhd
’s 98.52%-owned PT Bank Maybank Indonesia Tbk (Maybank Indonesia) saw its pre-tax profit grow 11.8% to 1.66 trillion rupiah for the nine months ended Sept 30, 2023 (9M23) from 1.48 trillion rupiah in the same corresponding period last year.
In a statement, Maybank Indonesia said the positive growth was derived from better earnings in the bank’s loan composition, particularly from the retail and retail small-medium enterprise loans following a continual lift in public consumption.
The bank also registered better asset quality as the economy continued to stabilise, leading to lower loan-loss provision.
Its net interest income improved by 4.8% backed by better earnings in line with an increase in average loan balances of 4%.
Net interest margin improved by 23 basis points to 5% in September and the bank’s profit after tax and minority interest was at 1.25 trillion rupiah, up 17.1% from 1.06 trillion rupiah last year.
Maybank Indonesia said the growth in fee-based income for the bank was driven by global markets.
