The nation’s largest financial services group saw its profit rise from RM2.1 billion in Q3 2022 to RM2.36 billion in Q3 2023.
This was achieved despite higher unrealised mark-to-market loss on revaluation of derivatives of RM1.36 billion and a 2.7% increase in overhead costs, it said in a filing with Bursa Malaysia today.
The banking group also reported a 22.96% growth in revenue, from RM13.02 billion in the third quarter last year to RM16.01 billion this year.
The operating income also recorded an increase, by RM384.3 million to RM1.86 billion due to a higher unrealised mark-to-market gain on revaluation of financial liabilities at fair value through profit or loss (FVTPL) of RM725.5 million.
Maybank said it also recorded a higher foreign exchange gain of RM217.6 million, higher fee income of RM168.7 million, higher unrealised mark-to-market gain on revaluation of financial investment at FVTPL of RM114.5 million and higher realised gain on derivatives of RM57 million.
Over and above that, it chalked up a net investment income of RM80.9 million in Q3 2023 compared with a net investment loss of RM339.7 million in Q3 2022.
Overhead expenses rose to RM4.65 billion in Q3 2023 from RM3.79 billion in Q3 2022.
“The increase in overhead costs was mainly due to higher administrative and general expenses of RM75.5 million, higher personnel expenses of RM50.4 million and higher establishment costs of RM24.6 million,” it said, adding however these were mitigated by lower marketing expenses of RM63.8 million.
For the cumulative nine-month period (9M FY2023), its net profit rose RM1.2 billion or 21% to RM6.96 billion from 5.76 billion.
Maybank, Southeast Asia’s fourth largest banking institution by assets, also crossed a milestone at the end of September. The value of its assets hit the RM1 trillion mark, up from RM945 billion as at end-December 2022.
Going forward, it said, it will be more customer-centric by enhancing end-to-end customer journeys through the provision of financial solutions and services across various touchpoints.
It added that strategic investments will be channelled to further integrate its digital and physical networks, enhance IT capabilities, and drive regional cross-selling synergies.
“Not withstanding global challenges, Maybank will pursue opportunities for growth across its consumer and business segments within its Asean franchise, maintain its strong liquidity position to support asset growth,” it added.
Maybank’s shares closed at RM9.10 today, down a sen or 0.11%, giving it a market capitalisation of RM109.75 bilion.