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Maybank Indonesia's 1Q profit slips, asset quality improves

Posted by On 10:39 AM

Maybank Indonesia's 1Q profit slips, asset quality improves

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KUALA LUMPUR (April 27): PT Bank Maybank Indonesia Tbk (Maybank Indonesia) posted a profit after tax and minority interest of 463.1 billion rupiah (RM130.9 million) in the first quarter (1Q) ended March 31, 2018, down from the 490.1 billion rupiah recorded in the same quarter last year.

Operating income after provisions increased 7.6 per cent to 682 billion rupiah in the quarter under review compared with 633.9 billion rupiah, previously.

“Top line grew 3.6 per cent supported by continued improvement in operational efficiency in line with the bank's strategic cost management programme, as well as, fee-based income expansion, improvement in provisioning levels, growth in shariah business and improvement in subsidiaries,” the bank said in statement today.

Shariah banking's total assets surged 25.7 per cent to 27.1 trillion rupiah in Q1 2018, making up 15.4 per cent of the bank’s total assets.

Total financing rose 41.6 per cent, year-on-year, (y-o-y) to 20.2 trillion rupiah at end-March 2018.

Total deposits grew 44.1 per cent to 17.5 triilion rupiah while loans saw a moderate 2.2 per cent growth to 122.5 trillion rupiah as at March 31, 2018.

Maybank Indonesia said asset quality improved significantly as reflected by lower non-performing loan (NPL) levels of 3 per cent (gross) and 1.9 per cent (net) as at March 31, 2018, versus 3.7 per cent (gross) and 2.4 per cent (net) in the previous year.

Maybank Group President and Chief Executive Officer Datuk Abdul Farid Alias said Maybank Indonesia's Q1 results demonstrated its resilience in growing revenue despite the increasingly competitive market in the country.

“The bank has firmly embedded sustainable business development strategies, which cover retail transformation, digital banking enhancement, culture transformation, as well as, asset quality selection, which will ensure continued value creation for all our stakeholders,” he said.

Abdul Farid, who is also Maybank Indonesia President Commissioner, said the outlook for the medium-term remained challenging.

"However, we are optimistic that we can manage the risks and ensure steady growth of our business in the coming quarters,” he added.

Source: Google News | Berita 24 English

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