Maybank's Fourth-Quarter Profit Rose on Higher Operating Income
By Ying Xian Wong
Malayan Banking's net profit in the fourth-quarter rose 8.3% on year, as a rise in other operating income offset a decrease in net interest income.
Malaysia's largest lender in terms of market capitalization said Wednesday in a bourse filing that its net profit in the fourth quarter rose to 2.39 billion ringgit ($501.9 million), helped by higher other operating income, which cushioned the drop in net interest income. Quarterly revenue rose 14% on year to MYR17.13 billion.
Quarterly net interest income was MYR3.18 billion, lower than MYR3.51 billion a year ago, while its other operating income was 5.4% higher at MYR1.90 billion.
For 2023, Maybank's net profit was MYR9.35 billion, compared with MYR7.96 billion a year ago, supported by higher operating income amid improved regional economic activity and significant improvement in net impairment provisions. The figure beat the median forecast for a net profit of MYR9.26 billion from a FactSet poll of analysts.
Bank Negara Malaysia, the country's central bank, is likely to keep the overnight policy rate unchanged at 3.00% in 2024, considering the potential inflationary risks due to an impending subsidy cut and the expected increase in the sales and service tax, Maybank said.
The lender said it aims for an 11% return on equity in 2024, barring unforeseen circumstances.
Write to Ying Xian Wong at yingxian.wong@wsj.com
(END) Dow Jones Newswires
February 28, 2024 00:49 ET (05:49 GMT)
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