Net interest income for the quarter fell 9.4% to RM3.18 billion from a year ago, while non-interest income was up 5.4% at RM1.9 billion.

For the full-year, Maybank reported a 17.5% rise in net profit to RM9.35 billion from RM7.96 billion a year earlier. The higher profit was driven by higher operating income on the back of improved regional economic activities and significant improvement in net impairment provisions.

Net interest income dropped 7.4% to RM12.79 billion on higher interest expenses on deposits for customers, while non-interest income jumped 74% to RM7.98 billion due to higher investment income and paper gains.

Meanwhile, the group’s loans grew 9.2% year-on-year (y-o-y), demonstrated by improvements in key home markets and business segments.

Gross impaired loans ratio improved by 23 basis points (bps) to 1.34% from 1.57% a year earlier while loan loss coverage remained strong at 124.9% from 131.2% in 2022.

Maybank chairman Zamzamzairani Mohd Isa said Maybank continued to remain resilient and strengthened its position as a leading financial institution in the region.

The group declared a second interim dividend of 31 sen per share, bringing full-year dividends to 60 sen per share, a payout of 77.4%. This exceeded Maybank’s dividend payout policy of 40% to 60%, translating to a dividend yield of 6.7%.

Meanwhile, total group gross loans grew by 9.2% y-o-y as at Dec 31, 2023, lifted by increases in all home markets of Malaysia, Singapore and Indonesia by 6.7%, 8.7% and 6.2% respectively.

“The group’s deposits meanwhile expanded 9% on growth across its Singapore (13.5%), Indonesia (9.4%) and Malaysia (4.9%) markets,” it added.

Maybank’s share price was unchanged at RM9.51 at the close, valuing the group at RM114.69 billion.