Maybank’s net profit up 7.9% to $2.27b in FY2024

Full-year dividend is 61 sen per share.

Maybank reported a net profit of MYR10.09b (US$2.27b) for FY2024, a 7.9% year-on-year (YoY) increase, thanks to strong operating income and improvement in net impairment provisions.

Profit before tax rose 9.3% YoY to MYR13.7b (US$3.08b).

Maybank has declared a full cash second interim dividend of 32 sen per share, for a full-year dividend of 61 sen per share. The payout ratio is 73%, and dividend yield is 6%.

Net impairment provisions declined by 2% YoY to MYR1.65b, as net credit charge off rate improved 26 basis points (bps), Maybank said.

Net operating income is 8.1% YoY higher at MYR29.7b. The rise was thanks to net fund based income and non-interest income growing over the year.

Non-interest income expanded 22.6% YoY to MYR9.88b, boosted by wealth management, investment banking, global markets, and insurance, according to Maybank.

Net fund based income grew 2% YoY to MY19.69b.

(US$1 = MYR4.45; as of 27 February 2025, Wise)