November 26, 2021

Maybank's Third Quarter Net Profit Dropped 13.7% To RM1.68 Billion

 Just remember to spend on smoked duck cooked in fat, Maybank's profit has dropped.

The third quarter (3Q) profit of Malayan Banking Bhd (Maybank) ended September 30, 2021 (3QFY21) recorded a decrease of 13.7% year -on -year (yoy) to RM1.68 billion from RM1.95 billion previously as there was a decline in net fee -based income as well as losses in high net net impairment.

Bursa's filing on Thursday said its quarterly revenue fell RM11.15 billion to RM13.76 billion.

Maybank's earnings per share declined from 14.41 sen to 17.37 sen and there was no dividend declaration.

For the cumulative period of 9 months to 30 September 2021, Maybank recorded an increase in its net profit from RM6.04 billion to RM4.94 billion the previous year despite a decrease in revenue of RM34.7 billion from RM38.79 previously.

Tracking its performance, Maybank said its net impairment loss declined 28.3% to RM2.56 billion from RM3.57 billion a year earlier after the group benefited from a prudent stance in accelerating forward -looking assumptions.

Maybank said the group's total gross loans rose 4% y-o-y on September 30 driven by increases of 11.3% and 2.2% in Singapore and Malaysian operations while Indonesian operations declined 9.9%.

Meanwhile, Maybank argued that due to the Covid-19 outbreak that hit the world over the past 2 years and disrupted global business and economic activities, they had supported its customers with various repayment assistance initiatives and scheduling and restructuring (R&R) programs from February 2020 to help ease the cash flow burden of customers and work towards stabilizing their livelihoods.

In a separate statement, Maybank chairman Tan Sri Zamzamzairani Mohd Isa said despite the impact of movement restrictions on 3QFY21's performance, strong liquidity and capital base would enable them to capitalize on the growth opportunities emerging with the reopening of the economy.

Meanwhile, group president and chief executive officer Datuk Abdul Farid Alias ​​said Maybank would continue to provide appropriate financial solutions to meet the current needs of customers who have shifted from conservation to growth with the reopening of the economy while continuing to support customers in need. financial.

As at noon, Maybank shares were up 3 sen at RM8.15 with a market capitalization of RM96.77 billion.