, Malaysia
Photo by Kah Hay Chee via Unsplash.

Maybank’s net profit up 1.6% to $1.8b in 2022

Improving regional economic activities and lower net impairment losses led to the growth.

Maybank has reported a net profit of approximately over $1.8b (MYR8.23b) for 2022, 1.6% higher than the previous year, the bank’s latest results announcement showed.

The bank has announced a full-year dividend of 58 sen per share.

Profit before tax or PBT was MYR12.5b for the whole year, 11.6% higher than the MYR10.89b it reported a year earlier. The growth was thanks to improving regional economic activities that supported the group's higher operating income as well as lower net impairment losses, Malaysia’s biggest bank by assets said in a report.

ALSO READ: Malaysian banks “well-placed” to weather 2023 headwinds: S&P

Net operating income grew to MYR27.62b, which Maybank said was achieved thanks to an 8.4% year-on-year (YoY) increase in total net fund based income as well as stronger loan growth in Malaysia and Indonesia.

Non-interest income was 9% in 2022, at MYR6.93b. This was mainly thanks to mark-to-market gains on financial liabilities and foreign exchange gains, the bank said.

Operating cost climbed to MYR12.81b from only RM11.52 a year earlier. This was partly due to collective agreement adjustments and one-off credit card gift points redemption cost.

(US$1 = MYRB4.48)

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