Maybank's Net Profit Rises 7.6 Pct To RM2.54 Bln In 3Q 2024

KUALA LUMPUR, Nov 26 (Bernama) -- Malayan Banking Bhd’s (Maybank) net profit rose by 7.6 per cent to RM2.54 billion in the third quarter ended Sept 30, 2024, compared with RM2.36 billion in the same period last year.

Revenue for the quarter also increased to RM16.69 billion from RM16.02 billion previously, it said in a filing with Bursa Malaysia.

For the nine-month period ended Sept 30, 2024, Maybank recorded a higher net profit of RM7.56 billion, an increase of 8.5 per cent from RM6.96 billion in the preceding year’s corresponding period, driven by strong growth in non-interest income (NOII) and improved core fees and insurance performance.

Revenue also grew to RM52.21 billion from RM47.34 billion previously.

Meanwhile, in a separate statement, the bank said its net operating income for the nine months increased by 8.7% year-on-year to RM22.15 billion driven by a higher NOII of 26.0 per cent to RM7.49 billion compared to 2023, boosted by strong growth in core fees which rose 13.4 per cent.

Group loans also expanded by 4.8 per cent year-to-date as at Sept 30, 2024, lifted by increases of eight per cent, 14.5 per cent and 8.9 per cent in its home markets of Malaysia, Singapore and Indonesia, respectively. 

-- BERNAMA