MAYBANK’S 9M FY24 NET PROFIT RISES 8.5% TO RM7.56B

KUALA LUMPUR, Nov 27 (Bernama) -- Maybank, Southeast Asia’s fourth largest bank by assets, announced a net profit of RM7.56 billion for the nine months’ period (9M FY24) ended 30 September 2024, an increase of 8.5% from the same period a year earlier. Profit before tax (PBT) meanwhile was also up by 7.4% Y-o-Y to RM10.29 billion. The commendable results were driven by strong growth in non-interest income (NOII), driven by improved core fees and insurance performance.

Net operating income for the nine months increased by 8.7% Y-o-Y to RM22.15 billion driven by higher non-interest income (NOII) of 26.0% to RM7.49 billion compared to 2023, boosted by strong growth in core fees which rose 13.4%. Net fund based income also improved 1.5% to RM14.66 billion from RM14.44 billion compared to a year earlier supported by solid loans growth of 4.8% year to date annualised (YTD Ann.) from all key segments in Malaysia, Singapore and Indonesia. Net interest margin (NIM) declined 14 bps Y-o-Y as a result of higher funding cost across the home markets, but has been stable at 2.04% since the second quarter of 2024.