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.
