Maybank posts RM1.54bil net profit in 4Q20

by TMR/ pic by BLOOMBERG

Malayan Banking Bhd (Maybank) said today its fourth quarter net profit dropped to RM1.54 billion from RM2.45 billion a year earlier as revenue fell.

In a filing to the stock exchange Maybank said revenue fell to RM12.24 billion in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM13 billion.

The Group’s net interest income and Islamic Banking income for the quarter ended 31 December 2020 decreased by RM212.7 million or 4.6% to RM4,456.7 million as compared to the previous period corresponding quarter ended 31 December 2019.

Its net earned insurance premiums from the Insurance and Takaful subsidiaries increased by RM1.02 billion or 58.0% to RM2.78 billion as compared to the previous period corresponding quarter ended 31 December 2019.

The bank’s allowances for impairment losses on loans, advances, financing and other debts increased by RM759.4 million or 227.5% to RM1.09 billion as compared to the previous period corresponding quarter ended 31 December 2019.