Maybank 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 was also up by 7.4% Y-o-Y to RM10.29 billion. The solid 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.
The group highlighted that the overhead costs expanded to RM10.77 billion from RM9.77 billion a year earlier on higher personnel costs, IT expenses, administration and general costs and marketing expenses. Notwithstanding that, the Group's pre-provisioning operating profit (PPOP) was up by 7.2% Y-o-Y to RM11.38 billion.
For the third quarter of 2024, net profit rose 7.6% Y-o-Y to RM2.54 billion compared with the same period last year, while PBT for the quarter was up 7.8% to RM3.40 billion. Net operating income was up by 7.1% Y-o-Y to RM7.23 billion, led by a strong 20.9% rise in NOII to RM2.34 billion while net fund based income grew by 1.5% to RM4.89 billion. PPOP stood at RM3.71 billion, up 7.4% compared with a year earlier although overhead expenses was slightly higher at RM3.52 billion from RM3.30 billion in 2023.
