Maybank’s 1Q22 profit dips 15%

by TMR / pic by TMR FILE

MALAYAN Banking Bhd (Maybank) sees its net profit for the first quarter of 2022 (1Q22) fall 15% to RM2.044 billion compared to RM2.39 billion recorded a year ago.

Other operating income of the group for the three-month financial period ended March 31, 2022 was RM931.7 million, a decrease of RM83.4 million or 8.2% from RM1.01 billion reported in the 1Q21.

Malaysia’s biggest bank by asset said in an exchange filing today that the decrease was mainly due to lower net investment income of RM366.9 million, realised loss on derivatives of RM169.4 million for the 1Q22 as compared to realised gain on derivatives of RM120.1 million for the same period last year.

It also said the decline was attributable to lower fee income of RM223.9 million and lower net gain on foreign exchange of RM103.4 million.

“The group investment banking’s profit before taxation and zakat decreased by RM109.5 million or 54.6% to RM91.2 million for the financial period ended March 31, 2022 (FY22) from RM200.7 million for the previous corresponding 1Q21,” Maybank added.

The decrease was mainly due to lower other operating income of RM128 million and lower net write-back of impairment losses on loans, advances, financing, and other debts of RM0.4 million.

The decreases were, however, mitigated by higher net interest income and income from IBS operations of RM14.1 million, lower net allowances for impairment losses on other financial assets of RM3.9 million, and higher share of profits in associates and joint ventures of RM0.8 million.


Thursday, April 28, 2022

F&N’s 2QFY22 net profit slips to RM94m

Wednesday, November 17, 2021

Domestic institutions continue to sell stocks

Tuesday, November 16, 2021

Co-opbank Pertama aims to make RM90m profit in 2021