Maybank Reports Strong Fourth-Quarter Performance

Malayan Banking reported an 8.3% increase in net profit for the fourth quarter, driven by growth in other operating income offsetting a decline in net interest income.

Fourth-quarter Performance

  • Net profit rose to 2.39 billion ringgit ($501.9 million) in the fourth quarter.
  • Quarterly revenue increased by 14% to MYR17.13 billion.
  • Net interest income decreased to MYR3.18 billion from MYR3.51 billion a year ago.
  • Other operating income was 5.4% higher at MYR1.90 billion.

Full-Year Results

  • Maybank’s net profit for 2023 reached MYR9.35 billion, up from MYR7.96 billion in the previous year.
  • The performance was supported by improved regional economic activity and a significant reduction in net impairment provisions.

Market Outlook

  • Bank Negara Malaysia is expected to maintain the overnight policy rate at 3.00% in 2024.
  • Inflationary risks are anticipated due to an impending subsidy cut and an increase in the sales and service tax.
  • Maybank targets an 11% return on equity in 2024, subject to market conditions.
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