Maybank’s net income up 9.8% to RM2.49b in Q1

Non-interest income jumped 79.2% and lifted operating income for the quarter.

Maybank saw its net income rise 9.8% to RM2.49b for Q1 2024 compared to the same quarter a year earlier, its latest financial results showed.

Southeast Asia’s fourth largest bank by assets recorded a 12.6% increase in its profits before tax (PBT) to RM3.44b during the same period, which it attributed to strong growth in its core fees and an increase in treasury and market gains.

Net operating income rose by 19.8% from a year ago to RM7.58b. Non-interest income jumped 79.2% to RM2.74b, boosted by core fees rising by 17.3%.

Gross loans were up 11.2%. In its home market of Singapore, Maybank’s loans rose by 8.2%. Its key segments in Singapore and Indonesia also saw loans rise by 12.2% and 13.6%, respectively.
 
Maybank president and group CEO Dato’ Khairussaleh Ramli attributed the “commendable” first quarter earnings to the robust topline, good deposit growth and stable asset quality.

Ramli added that the results are a testament to the bank’s resilience and focus in executing its M25+ strategy. 
 
“Our leadership in sustainability puts us in a good position to exceed our set targets to deploy sustainable financing and decarbonisation solutions not only to our large corporate customers but also to the mid-sized and small firms,” Ramli said in a press statement, commenting on Maybank’s latest financial results.

In the future, Maybank stated that it will focus on growth areas across group community financial services, global banking, and group insurance & takaful in ASEAN.