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RETAIL BANKING | Staff Reporter, Singapore

Maybank Singapore's profit rose 11.5% to $1.92b in 2017

Its community financial services and Islamic banking arm performed strongly.

Maybank closed the year on strong financial footing as its net profit rose 11.5% YoY to $1.92b (RM7.52b) in 2017.

According to a press release, net operating income also increased to a record high $5.94b (RM23.27b) thanks to strong performance from its insurance & takaful, financial services and global banking segments. 

The group’s Malaysian operations posted 5% loan growth and outpacing domestic industry growth whilst its Singaporean and Indonesian arm rose 4.3% and 3.6% respectively in 2017. 

Thanks to its proactive restructuring and rescheduling efforts, the bank witnessed lower impairment on its credit portfolios after plunging 30.8% YoY to $500.19m (RM1.96b). 

"We continue to see growth opportunities in the different markets we serve, such as in wealth management, digital payments, Islamic banking and insurance which we intend to tap into and further strengthen our market share," Maybank Group president & CEO Datuk Abdul Farid Alias said.

The bank proposed to reward shareholders with a final single-tier dividend of 32 sen per share. Together with the 23 sen interim dividend declared earlier, this makes the full year pay-out at $1.51b (RM5.90b) and translates into a dividend yield of 5.6%, maintaining the bank’s status amongst banks offering the highest yields in the region.

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