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Maybank Singapore retail business up 6.8% rise in income

Maybank posted net profit of RM1.94bil in the second quarter ended June 30,2019 on a revenue of RM13.05bil and declared an interim dividend of 25 sen a share.

Maybank is Southeast Asia’s fourth largest bank in size, and the largest bank in Malaysia.

Maybank said the second quarter also recorded stronger earnings growth momentum compared with the first quarter. This resulted in PBT advancing by 8.2% on-quarter.

The banking group reported a 1% increase in net operating income of RM11.75bil.

Maybank Chairman Mohaiyani Shamsudin contrasts the banking group’s results with that of the global economic climate.

“We have continued to create value… we are also optimistic that there will be better business opportunieies in the second half of the year,” Mohaiyani says.

Maybank CEO, Abdul Farid Alias says its diversified income verticals will buffer oncoming challenges.

“Our capital and liquidity base remains robust and we will focus on areas such as driving fee income across our international footprint,” Farid says.

Costs and risks are also top priority for management to deal with, on top of their digital offerings.

“…Our digital agenda will remain a key strategy to ensure that (Maybank) continue to meet our customer’s needs,” he adds.

Maybank’s net fund based income is higher by 0.3% to RM4.17 bil. While their Net fee based income rose 3.6% to RM1.72 bil, signalling that their fee-based income will become a key feature for not only Maybank’s future, but the industry’s as well.

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