Malayan Banking Berhad — Maybank — reported a record annual net profit of RM 10.09 billion for the full year 2024, up 7.9% on the prior year, the group announced on 26 February. Profit before tax rose 9.3% to RM 13.70 billion, with the improvement underpinned by a RM 2.21 billion increase in net operating income and a RM 155.7 million improvement in net allowances for loan impairment, which together lifted profit before tax by about RM1.17 billion, with higher operating expenses absorbing part of the income gain.
Maybank, Malaysia's largest bank by assets, operates in markets including Malaysia, Singapore, Indonesia, and the Philippines.
INCOME AND IMPAIRMENTS
The RM 2.21 billion year-on-year rise in net operating income reflected growth across both interest and non-interest revenue lines. Net allowances for loan impairment improved by RM 155.7 million.
Profit before tax of RM 13.70 billion represented a 9.3% increase, compared with the 7.9% rise in net profit.