Maybank's net profit up 8.5% in 9M FY2024

Non-interest income growth pushed up its profits.

Maybank saw its net profit rise 8.5% year-on-year (YoY) to almost $1.7b (MYR7.56b) in the first nine months of FY2024, propelled by profits expanding in the third quarter period.

Strong growth in non-interest income (NOII), driven by improved core fees and insurance performance, drove growth, the Malaysian bank– and Southeast Asia’s fourth largest bank by assets– stated in its latest financial report.

Net operating income for the 9M period rose 8.7% to $4.97b (MYR22.15b). Non-interest income (NOII) jumped 26% to $1.68b (MYR7.49b), boosted by a 13.4% growth in core fees.

Maybank reported a loan growth of 4.8% year-to-date for the period from all key segments in Malayasia, Singapore, and Indonesia.

Loans increased by 8%, 14.5% and 8.9% in Malaysia, Singapore and Indonesia, respectively.

Net interest margin (NIM) declined 14 basis points (bp) due to higher funding costs.

Overhead costs rose to about $2.42b (MYR10.77b) versus $2.19b (MYR9.77b) in 9M FY2023. This was due to higher personnel costs, IT expenses, administration and general costs and marketing expenses.  

The bank’s CET1 capital ratio is at 14.72%, and total capital ratio at 17.90%.

Liquidity coverage ratio remained stable at 132.3%, above the regulatory requirement of 100%.

(US$1 = MYR4.45. Data from Refinitiv and Microsoft Bing as of 27 November 2024, 4:10AM UTC)