Maybank profit up 9% to MYR5.02b in H1; first interim dividend is 29 sen

This is thanks to its non-interest income growing 28.4%.

Maybank saw its profit after tax and minority interest (PATAMI) rise 9% year-on-year (YoY) to MYR5.02b in the first six months of 2024.

Southeast Asia’s fourth largest bank by assets saw its net operating income grow by 9.4% YoY to MYR 14.92b during the same period, its latest financial results showed.

Maybank attributed this to the growth of its non-interest income (NOII), which in turn was thanks to higher core fees, improved insurance performance, as well as an increase in treasury and market gains.

The first interim full cash dividend is 29 sen per share, translating to a 69.7% dividend payout ratio or MYR3.5b.

NOII grew 28.4% YoY to MYR5.15b, boosted by core fees growing by 16.5%.

Net fund-based income rose to MYR9.77b, on the back of a 10.4% YoY loan growth across all key segments in Malaysia, Singapore, and Indonesia.

Overhead expenses were higher by MYR7.25b in H1 compared to just MYR6.47b a year earlier which Maybank said was due to an increase in personnel costs, administration and general costs, IT expenses, and marketing expenses.

Net impairment provisions rose to MYR924.1m from RMY867.4m in H1 2023.