Maybank’s First Quarter Net Profit Soars to RM2.49 Billion

KUALA LUMPUR: Malayan Banking Bhd (Maybank) reported a net profit of RM2.49 billion for the first quarter ending March 31, 2024, compared to RM2.27 billion recorded a year earlier.

In a filing to Bursa Malaysia today, the bank stated that revenue increased to RM18.35 billion from RM15.19 billion previously.

Maybank noted that net interest income and Islamic banking income for the period under review rose by RM224.8 million or 4.5 percent, to RM5.24 billion compared to the same quarter last year.

Its insurance and takaful services achieved a net income of RM182.1 million in the first quarter of 2024, compared to a net expense of RM8.0 million previously.

“Other operating income for the group in the first quarter of 2024 was RM2.87 billion, an increase of RM1.15 billion or 66.8 percent, from RM1.72 billion in the same three-month financial period previously,” the bank said.

The bank also stated that the group’s overhead expenses for the current quarter rose by 19.8 percent to RM3.66 billion compared to the same quarter last year, primarily due to higher staff costs, administration and general expenses, establishment costs, and marketing expenses.

Regarding its outlook, Maybank said the group is poised to capitalize on identified business growth by expanding key areas of the group’s community financial services, global banking, as well as the group’s insurance and takaful sectors.

Barring unforeseen circumstances, the group aims to achieve a return on equity of 11 percent for the financial year 2024, it said.