MALAYAN Banking Bhd (Maybank) has announced a strong financial performance for the fiscal year ending December 31, 2024, with a net profit of RM10.09 billion, marking a 7.9% increase compared to RM9.35 billion recorded in the previous year.
Bernama reported today, the bank’s revenue also saw an impressive rise, reaching RM68.94 billion, up from RM63.52 billion in FY2023.
In its statement to Bursa Malaysia today, Maybank revealed that its net interest income and Islamic banking services grew by 3.9% year-on-year to RM21.15 billion for FY2024.
The banking group also experienced a remarkable surge in its insurance/takaful services, with a 133.5% jump to RM1.28 billion.
Maybank’s operational income for FY2024 increased by 13.5%, rising to RM9.07 billion from RM7.99 billion in FY2023.
However, its overhead expenses rose by 8.0% to RM14.46 billion, largely driven by higher personnel costs (RM817.3 million), increased setup costs (RM207.1 million), and greater marketing expenses (RM68.4 million).
This increase was partially offset by lower general administrative costs of RM21.4 million, Bernama cited.
Maybank also reported a decrease in its net impairment provision for loans, financing, and other receivables, which fell by 8.5% year-on-year to RM1.67 billion. Similarly, the revaluation of financial investment impairment decreased by RM138.2 million to RM42.4 million compared to FY2023.
In the fourth quarter of FY2024, Maybank posted a net profit of RM2.53 billion, up from RM2.39 billion in Q4 2023.
Revenue for the same period increased to RM16.74 billion, compared to RM16.17 billion in the previous year. Net interest income and Islamic banking services for the quarter also grew by 2.4% year-on-year to RM5.37 billion, while the results from insurance/takaful services rose to RM352.7 million.
Looking ahead, Maybank expressed confidence in its position to support the expected strong economic growth in its domestic market. The bank is well-placed to aid the upward investment cycle for key economic projects, both in the private and public sectors.
"Aligned with the final year of our M25+ strategic plan, Maybank will accelerate the initiatives identified under the 14 strategic programs aimed at strengthening our customer focus, enhancing digital modernization, and boosting technology to reinforce our regional presence," the bank said.
Maybank aims to further expand its customer base by focusing on specific segments, cross-selling initiatives, and leveraging regional ecosystem partnerships.
The bank is also placing a greater emphasis on rapidly growing areas such as wealth management, mid-market, non-retail banking, and bancassurance segments.
"Unless unforeseen circumstances arise, the group has set a key performance indicator (KPI) of a return on equity of 11.3% or higher for FY2025," the bank added. - February 26, 2025
