Maybank’s full year net profits up 17.5% to $1.96b

The total dividend of 60 sen per share is its highest post-pandemic.

Malaysian banking giant Maybank saw its net profit rise 17.5% to approximately $1.96b (RM9.35b) in 2023, its latest financial results showed.

A second interim dividend of 31 sen per share has been announced, for a total dividend of 60 sen per share for a 77.4% payout ratio– exceeding its dividend payout policy of 40% to 60%. 

This is reportedly Maybank’s highest total dividend declared post-pandemic, the bank said in a press release.

Profit before tax (PBT) was 5.6% higher, at $2.63b (RM12.53b), compared to a year earlier.

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Maybank said that the better results were driven by higher operating income on the back of improved regional economic activities and significant improvement in net impairment provisions.

Net operating income grew by 3.3% grew 3.3% to $5.75b (RM27.36b), led by a 38.3% increase in non-interest income (NOII) from gains in investment and trading income, foreign exchange, and higher core fees.

Costs rose 11.7% to $2.81b (RM13.39b) compared to a year earlier, driven by higher personnel costs, credit card related fees due to higher billings, asset depreciation, and IT-related costs.

(US$1 = RM4.76)