Maybank Singapore’s profit before tax doubles to S$655.92m in 2022
This was reportedly thanks to higher income and lower loan loss allowances.
Maybank Singapore’s full year profit before tax doubled to S$655.92m in 2022, according to the bank’s latest financial results announcement.
This is more than double its 2021 PBT of S$324.92m.
Malaysia’s biggest bank by assets said that its profit rise was mainly thanks to higher income and lower loan loss allowances due to “significant” recoveries.
Non-interest income was also significantly higher by 51.5% at S$406.75m compared with S$268.44m a year earlier.
Maybank attributed the rise of non-interest income to a boost in treasury fees as well as credit related fees & cards commission.
Loans expanded slightly by 0.5% year-on-year.