Net operating income grew 2.8% to RM25.45 billion, tracking Malaysia’s economic growth of 3.1% in 2021. This was achieved on the back of a 14.6% y-o-y increase in total net fund based income to RM19.09 billion as a result of stronger loan growth as well as robust improvement in current account and savings accounts (CASA), which helped net interest margin (NIM) expand 22 bps Y-o-Y. It was, however, partially offset by a 21.6% decline in net fee based income to RM6.36 billion mainly from lower net gain in investment income and marked-to-market losses on the fixed income portfolio held by its insurance unit due to rising yields.
Maybank, Southeast Asia’s fourth largest bank by assets, today announced that it posted higher earnings for its FY2021 ended December 2021 with profit before tax (PBT) rising 25.8% y-o-y to RM10.89 billion ($3.5 billion), compared with the RM8.66 billion a year earlier. Net profit rose to RM8.10 billion, 24.9% higher than the RM6.48 billion recorded a year earlier.
The better results were driven by improving regional economic outlook that supported the group’s higher operating income and reduced impairment losses by 36.6% as it had taken pre-emptive provisioning for potentially bad loans and financial investments since the pandemic started in 2020.
