Maybank Quarterly - September 2019

Maybank, South East Asia's fourth largest bank by assets, announced that done profit before tax for the second quarter ended 30 June 2019 (2QFY19) rose 1.6% to RM2.65 billion on the back of a 1.2% rise in net operating income and a 19.6% decline in net impairment losses. Net profit for the quarter was, however, marginally lower by 0.9% at RM1.94 billion compared with RM1.96 billion in the corresponding quarter last year, as the Group was subject to a lower effective tax rate in the corresponding period last year.

The second quarter also saw a stronger earnings growth momentum compared with the preceding quarter of January - March 2019 (1QFY19) as profit before tax for 2QFY19 was 8.2% higher than 1QFY19. Net profit also came in 7.3% higher, boosted by a 10.9% rise in net fee-based income arising mainly from better investment and trading income.

For the half year ended 30 June 2019 (1HFY19), net operating income was 1.0% higher at RM11.75 billion lifted by a 1.0% rise in net fund based income to RM8.47 billion on the back of a 4.6% growth in Group loans. Meanwhile, net fee based income was 1.1% higher at RM3.28 billion, as the Group recorded stronger net fee income, mainly from its insurance segment. Profit before tax, however, came in slightly lower at RM5.10 billion compared with RM5.17 billion in the corresponding period last year while net profit stood at RM3.75 billion against RM3.83 billion a year earlier.

More information on our results can be seen here.