“Net operating income for the quarter grew to RM6.32 billion, on the back of a 12.4% year-on-year (y-o-y) increase in non-interest income (NOII) to RM1.53 billion,” said the group.

The group said the rise in net profit was aided by gains on derivatives and foreign exchange as well as investment and trading gains.

Maybank also noted that its asset quality had improved as net impairment losses decreased by 50.9% to RM292.9 million in March 2023.

Gross impaired loans, meanwhile, declined by 45 basis points to 1.50%, compared to 1.95% a year earlier and 1.57% in December 2022, due to write-offs, recoveries and low formation of newly impaired loans.

Group gross loans expanded at a faster pace of 5.3% y-o-y as at March 31, led by increases in the Indonesia and Malaysia markets by 7.2% and 5.1% respectively, while other international markets recorded a slight 0.3% increase.

“(The) execution of our M25+ strategy is well underway, anchored on the five key strategic thrusts of intensifying customer centricity, accelerating digitalisation and technological modernisation, strengthening Maybank’s business presence across the region, driving our leadership position in the sustainability agenda as well as claiming our global leadership in Islamic banking,” said group CEO Khairussaleh Ramli.

Maybank maintained that asset quality management remains a priority, and that the group “will continue to monitor its loan portfolio and offer targeted support to customers”.

It further noted that the expiry of repayment assistance programmes have not led to any material effect on the bank’s asset quality.

At 2.32pm, Maybank’s share price was down slightly by 0.46% or 4 sen at RM8.57, giving it a market capitalisation of RM103.3 billion.