KUALA LUMPUR, Feb 28 — Malayan Banking Bhd (Maybank) posted a higher net profit of RM9.35 billion, an increase by 17.5 per cent, for the financial year ended Dec 31, 2023 (FY2023) compared to RM7.96 billion in FY2022.
Revenue grew to RM64.47 billion from RM49.42 billion previously, Maybank said in a filing with Bursa Malaysia today.
As for the fourth quarter of 2023 (4Q 2023), the bank posted a net profit of RM2.39 billion from RM2.21 billion in 4Q 2022, while revenue rose to RM17.13 billion from RM15.03 billion previously.
However, it noted that the group’s net interest income and Islamic banking income for FY2023 decreased by RM860.7 million or 4.1 per cent to RM20.37 billion as compared to FY2022.
Maybank also shared that its insurance/takaful service result grew by RM338.4 million or 159.9 per cent to RM550.1 million for FY2023 compared to FY2022.
Other operating income of the group for FY2023 was RM7.99 billion, an increase of RM3.39 billion or 73.5 per cent, from RM4.60 billion in FY2022.
“The increase was mainly due to lower unrealised mark-to-market loss on revaluation of derivatives of RM2.40 billion, higher foreign exchange gain of RM1.17 billion, and net investment income of RM319.9 million for FY2023, (among others),” it said.
However, the bank said that the increase was offset by lower unrealised mark-to-market gain on revaluation of financial liabilities at fair value through profit or loss (FVTPL) of RM2.51 billion and realised loss on derivatives of RM60.1 million for FY2023 as compared to realised gain on derivatives of RM896.1 million for FY2022.
— Bernama
