Maybank’s first half profits surge 26% YoY

Its further expansion was dampened by a contraction in net fund-based income.

Maybank has reported its net profit surged by a robust 26.0% year-on-year (YoY) to reach RM4.60b. 

Additionally, profit before tax (PBT) saw a significant increase of 21.8% YoY to RM6.43b.

During the six months ending on 30 June, net operating income also experienced growth, rising by 8.6% YoY to RM13.63b. This increase was primarily driven by a notable 61.0% boost in non-interest income, which amounted to RM4.01 billion. 

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However, this positive trend was counterbalanced by a decrease in net fund-based income, which declined by 4.4% YoY to RM9.62b. 

This decline was attributed to a compressed net interest margin (NIM) due to higher funding costs resulting from interest rate hikes in the previous year and pressures on deposits.