BUSINESS

MAYBANK 1Q NET PROFIT RISES TO RM2.49 BLN

24/05/2024 02:34 PM

KUALA LUMPUR, May 24 (Bernama) -- Malayan Banking Bhd (Maybank) posted a higher net profit of RM2.49 billion in the first quarter ended March 31, 2024 (1Q 2024) compared to the RM2.27 billion recorded a year ago.  

In a Bursa Malaysia filing today, the bank said its revenue rose to RM18.35 billion from RM15.19 billion previously.

Maybank said net interest income and Islamic Banking income for the period under review increased by RM224.8 million or 4.5 per cent to RM5.24 billion compared to the previous corresponding quarter.

Its insurance/takaful service reported a net income of RM182.1 million for 1Q 2024 compared to a net expense of RM8.0 million previously.

"Other operating income of the group for 1Q 2024 was RM2.87 billion, an increase of RM1.15 billion or 66.8 per cent from RM1.72 billion in the previous corresponding three-month financial period..

"The increase mainly due to unrealised mark-to-market gain on revaluation of financial liabilities at fair value through profit or loss (FVTPL) of RM995.5 million but offset by unrealised mark-to-market loss on revaluation of derivatives of RM1.145 billion in the current quarter," it said.

The bank said the group's overhead expenses for the current quarter recorded an increase of 19.8 per cent to RM3.66 billion as compared to the previous corresponding quarter, mainly due to higher personnel expenses, administration and general expenses, establishment costs and marketing expenses. 

On prospects, Maybank said that driven by a better regional economic outlook, the group is poised to capitalise on identified business growth by expanding in key areas of group community financial services, group global banking and group insurance and takaful in its home market.

"Barring any unforeseen circumstances, the group targets to achieve a headline key performance indicator of return on equity of 11 per cent for the financial year 2024," it added.

-- BERNAMA


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