Maybank president and group CEO Datuk Khairussaleh Ramli
KUALA LUMPUR: Malayan Banking Bhd
(Maybank) president and group CEO Datuk Khairussaleh Ramli said the bank is making good progress with healthy toplines and a commendable overall nine months earnings.
He said the improved performance was achieved despite challenges on the global front and market volatility across the region.
"Guided by its corporate strategy to focus and drive initiatives on super-growth areas, particularly wealth management, bancassurance and the global banking mid-market segment, has yielded positive outcomes for the group.
"This is in addition to the prioritisation of maintaining strong liquidity position while improving asset quality and preserving sound capital levels," he said in a statement.
In the third quarter ended Sept 30, 2024 (3QFY24), Maybank recorded a net profit of RM2.54bil, up from RM2.36bil in the year-ago quarter. Its earnings per share rose to 21.04sen from 19.56 sen previously.
The bank reported revenue of RM16.69bil, against RM16.02bil in the comparative quarter.
Over the nine months period, Maybank said net profit was RM7.56bil on revenue of RM52.21bil, against RM6.96bil on revenue of RM47.34bil in the same period in 2023.
According to the group, this was owing to strong 26% year-on-year (y-o-y) growth in non-interest income (NOII) to RM7.49bil, due to improved core fees and insurance performance.
Net fund-based income also improved 1.5% to RM14.66bil on solid loans growth of 4.8% year-to-date annualised from the three key market segments of Malaysia, Singapore and Indonesia.
The group's net interest margin dropped 14 basis points y-o-y as a result of higher funding cost across the home markets, but has been stable at 2.04% since 2Q24.
Overhead costs, meanwhile, rose to RM10.77bil from RM9.77bil a year earlier. However, pre-provisioning profit rose 7.2% y-o-y to RM11.38bil.
Group deposits expanded 6.7% as fixed deposits and current account savings account (Casa) grew equally by 0.6%.
