KUALA LUMPUR – Malayan Banking Bhd’s (Maybank) net profit for the financial year ended December 31 (FY2022) rose 1.7% to RM8.23 billion from RM8.10 billion registered a year ago.
In a filing with Bursa Malaysia, the banking group attributed its performance to the increase in its group community financial services (Group CFS), as well as group corporate banking and global markets.
It said its revenue stood higher at RM50.91 billion compared with RM45.96 billion previously.
Maybank said allowances for impairment losses on loans, advances, financing and other debts decreased by RM469.2 million, or 17.7%, to RM2.19 billion as compared with FY2021.
Besides that, it said net interest income and income from Islamic banking scheme operations increased by RM1.64 billion, or 8.4%, to RM21.25 billion in FY2022 as compared with the previous corresponding financial year ended December 31, 2021.
It said net earned insurance premiums from the insurance and takaful subsidiaries increased by RM130.8 million to RM8.98 billion in FY2022 as compared with FY2021.
Meanwhile, it said operating income stood at RM4.63 billion, an increase of 3.5% in FY2022 from RM4.47 billion in the previous corresponding financial year.
For the fourth quarter, Maybank’s net profit increased 5.4% to RM2.17 billion from RM2.06 billion while revenue was higher at RM14.51 billion from RM11.26 billion previously.
It said allowances for impairment losses on loans, advances, financing and other debts increased by 96.3% to RM308.8 million as compared with the previous period corresponding to the quarter ended December 31, 2021.
On prospects, Maybank said it would continue to focus on opportunities for growth across its consumer and business segments within its Asean franchise.
“The group will maintain our solid liquidity position to support asset growth through its current and savings accounts franchise. Asset quality management will remain a priority of the group in 2023,” it said.
To date, it said the expiry of repayment assistance programmes has not led to any material effect on the group’s asset quality.
It said Maybank would continue to monitor the loan portfolio and remained committed to offering targeted support to customers if needed.
Maybank said it would also actively prioritise customer centricity through enhancing end-to-end customer journeys by providing financial solutions and services across various touchpoints.
“Barring any unforeseen circumstances, the group targets to achieve a headline key performance indicator of return on equity of between 10.5% and 11% for the financial year 2023,” it added. – Bernama, February 27, 2023
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