Maybank’s Third Quarter Net Profit Slips to RM 1.68 Billion | Money

KUALA LUMPUR, November 25 – Malayan Banking Bhd (Maybank) net profit fell to RM 1.68 billion in the third quarter (Q3) ended September 30, 2021, from RM 1.95 billion a year earlier in a context of slowdown in business operations.

Revenue fell to RM11.15 billion from RM13.76 billion in the corresponding quarter last year, the country’s largest bank by assets said in a filing with Bursa Malaysia today. ‘hui.

He said the pre-tax and zakat profit of the community financial services group fell 34.2 percent to RM 754.5 million from RM 1.15 billion as part of a higher net provision for Impairment losses on loans, advances, financing and other debts of RM 394.9 million, higher general expenses of RM 74.9 million and lower operating profit of RM 33.4 million.

Meanwhile, profit before tax and zakat of its investment bank fell 58.1 percent to RM 72.1 million from RM 172.0 million following a decline in other operating income of 110 , RM 1 million, a net allowance for impairment of loans, advances, financing and other debts of RM 6 million from a net write-back of RM 1.4 million and lower net interest income and revenues of RM 4.8 million.

Regarding insurance and profit before tax and takaful zakat, Maybank said it had reduced by 4.7% o RM 219.3 million compared to RM 230.1 million mainly due to Decrease in net earned insurance premiums of RM 1 billion, decrease in other operating income of RM 364.7 million and higher general expenses of RM 19.9 million.

The declines were however mitigated by the decrease in net insurance benefits and claims incurred, net costs and commission costs, the change in accrued charges and the taxation of life and takaful funds of 1.32 billion. ringgit, higher net interest income of Ringgit 46.7 million, among others.

Going forward, based on improving immunization rates and reopening economies, growth is expected to resume by 2022.

“By leveraging Maybank’s strong capital and liquidity base, the group will ensure that affected clients continue to have access to the financial assistance and support they need in this phase of recovery to also capitalize.” on emerging growth opportunities.

“In the meantime, the group will continue to prioritize low-cost funds and targeted growth opportunities in our home markets, while remaining proactive in our engagement with clients to address asset quality issues,” he said. -he declares.

The largest lender will also target commission-based income opportunities through its wealth management, global markets, investment banking, asset management and insurance segments.

“By capitalizing on our national franchise and leading position in digital banking, we will focus on accelerating product deployments on our digital platform to increase market penetration and generate fee-based revenue.

“Additionally, the group will improve productivity and efficiency, while maintaining disciplined cost management to offset revenue pressures,” he noted. – Bernama