Maybank has announced a 7.9% increase in net profit, reaching a record RM10.09b for the financial year ending 31 December 2024. The growth was supported by a 9.3% rise in profit before tax (PBT) to RM13.70b, attributed to robust operating income and improved net impairment provisions.
The bank’s net operating income rose by 8.1% to RM29.57b, bolstered by a significant 22.6% increase in non-interest income, which was driven by wealth management, investment banking, and insurance sectors. Net fund-based income also saw a modest growth of 2.0% to RM19.69b, with a 5.3% year-on-year increase in group loans across Malaysia, Singapore, and Indonesia.
Maybank’s President and Group CEO, Khairussaleh Ramli, highlighted the success of the M25+ strategy, stating, “We continue to see good traction across our core businesses, collectively strengthening our topline growth.” The bank’s focus on customer relationships and segmental approaches has further reinforced its market position.
The bank declared a full cash second interim dividend of 32 sen per share, contributing to a total dividend of 61 sen per share for the year, translating to a payout ratio of 73.0%. This exceeds Maybank’s minimum dividend policy of 40%, offering a strong dividend yield of 6.0%.
Looking forward, Maybank aims to conclude its M25+ strategy on a strong note in FY25, coinciding with Malaysia’s chairmanship of ASEAN. The bank is committed to delivering exceptional value and advancing its sustainability initiatives, having already exceeded its FY24 targets in sustainable finance and social impact programmes.
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