Maybank Eyes Growth As Malaysia Assumes ASEAN Chair, Strengthens Regional Presence

KUALA LUMPUR, March 26 (Bernama) -- Malayan Banking Bhd (Maybank) will tap fully growth opportunities that arise as Malaysia assumes the ASEAN chairmanship this year, especially in areas of sustainability, transition finance, and micro, small, and medium-sized enterprises (MSMEs).

It said in its 2024 annual report themed “Purpose Driven with Agility” that the bank is also eyeing growth opportunities in trade and Islamic finance as well as wealth management.

President and group chief executive officer Datuk Khairussaleh Ramli said the ASEAN chairmanship is another positive development and would serve as a catalyst for greater engagement and connection between individuals, businesses and the governments of Malaysia and other member states.

“With a presence in all 10 ASEAN countries, Maybank looks to fully tap into the growth opportunities that will arise,” he said in the report.

Commenting on the global growth in 2025, he said growth is expected to moderate slightly to 2.9 per cent on softer outlook for major economies, while ASEAN’s gross domestic product (GDP) growth is set to remain resilient at 4.7 per cent (2024: 5.0 per cent) benefitting from easing domestic monetary conditions, increasing foreign direct investment inflows and a rebound in consumer spending in the second half of the year.

“Malaysia is projected to experience GDP growth of 4.9 per cent in 2025, anchored on projects outlined under the MADANI Economy framework.

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“I’m upbeat about the prospects for the banking industry, especially with Budget 2025 focused on driving positive economic progress along with transformative reforms for the continued prosperity of the people. With clearly outlined roadmaps, these initiatives will attract significant foreign direct investment which, in turn, will strengthen Malaysia’s standing as a high-performing nation,” he added.

He also said Maybank is in its final sprint of the M25+ strategy and will endeavour to finish strong as it starts developing the next medium term plan that would ensure its continued evolution and sustainable growth.

For the year under review, Maybank recorded a net profit of RM10.09 billion and a return on equity of 11.1 per cent.

Maybank’s overall loans growth was driven by Malaysia, Singapore and Indonesia, which expanded by 8.2 per cent, 8.9 per cent and 11.7 per cent, respectively.

“Loan growth for our key markets was supported by good growth across our consumer, non-retail and corporate segments, especially in the super growth areas of non-retail and mid-market as well as mortgages, with the latter used as an anchor product to boost our cross-sell capabilities,” he added.

Meanwhile, Maybank’s total deposits grew 6.5 per cent year-on-year (y-o-y) as total current and savings accounts (CASA) grew 5.5 per cent led by Singapore (18.0 per cent), Indonesia (6.6 per cent) and Malaysia (5.0 per cent).

Total fixed deposits also rose 5.8 per cent led by Singapore (18.9 per cent) and Malaysia (15.3 per cent).

Group CASA ratio remained stable at 36.5 per cent from 36.8 per cent a year earlier.

“Our liquidity indicators such as liquidity coverage ratio and net stable funding ratio remained healthy at 134.0 per cent and 116.4 per cent, respectively,” he said.

-- BERNAMA