Maybank records jump in FY23 net profit to RM9.35bil
KUALA LUMPUR: Malayan Banking Bhd (Maybank) chalked up better results in the financial year ended Dec 31, 2023, amid improved regional economic activities and a significant improvement in net impairment provisions.

The country's largest bank by assets reported a net profit of RM9.35bil in FY23, up from RM7.96bil in FY22, representing growth in earnings per share to 77.55 sen from 66.51 sen previously.

The bank's FY23 revenue was also improved at RM64.47bil, compared to RM49.42bil in the previous year.

Maybank said its net impairment provisions decreased 39.5% to RM1.68bil on lower net loan provisioning by 16.3% to RM1.83bil on on writeback for corporate borrowers and pre-emptive provisioning made in 2022 as well as a net writeback in financial investments and others of RM145.15mil.

"As a result, net credit charge off rate for loans decreased to 31 bps from 40 bps a year earlier," it said.

In 4QFY23, the bank's net profit came to RM2.39bil as compared to RM2.21bil in the year-ago quarter while revenue was RM17.13bil against RM15.03bil in the comparative quarter.

Maybank declared a second interim dividend of 31 sen per share, which brought full-year payout to 60 sen per share, representing a payout ratio of 77.4%.

According to the bank, its net operating income in FY23 was driven higher by 3.3% to RM27.36bil by an increase in non-interest income (NoII) from gains in investment and trading income, foreign exchange and higher core fees.

The net fund based income, however, was 6.6% lower as net interest margin (NIM) compressed 27bps due to higher funding costs and continued deposit competition.

Amid improvements in key home markets and business segments, group loans grew 9.2% y-o-y.

President and group CEO Datuk Khairussaleh Ramli said the bank's efforts in delivering on its M25+ strategy has borne positive outcomes.

He said this was evidenced by both improving topline and asset quality management across its sectors and markets, while prioritising customer experience and a values-based holistic ecosystem of offerings.

"Our commitment to serving the evolving needs of our customers remain unwavering as we witness tangible progress in deepening customer relationships, increased revenue diversification and optimising operational efficiency.

"Notwithstanding this, targeted strategic investments will continue, to ensure enablers and capabilities are able to cope with the business and operational needs," he added.
Banking,Maybank,Khairussaleh Ramli,finance
KUALA LUMPUR: Malayan Banking Bhd (Maybank) chalked up better results in the financial year ended Dec 31, 2023, amid improved regional economic activities and a significant improvement in net impairment provisions.