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Maybank records 25.8% increase in FY2021 net profit to RM8.1 bil

Samantha Chiew
Samantha Chiew2/25/2022 4:1 PM GMT+08  • 3 min read
Maybank records 25.8% increase in FY2021 net profit to RM8.1 bil
Maybank, Southeast Asia’s fourth largest bank by assets, today posted higher earnings for its FY2021 ended December.
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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.

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.

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