Maybank’s Q2 net profit rises 8% to RM2.53bil

Maybank’s Q2 net profit rises 8% to RM2.53bil

The bank declares a first interim full cash dividend of 29 sen per share.

Maybank’s H1 2024 net profit has improved by 9% year-on-year to RM5.02 billion, while revenue has increased to RM35.52 billion. (Maybank pic)
PETALING JAYA:
Malayan Banking Bhd’s (Maybank) net profit increased by 8.2% to RM2.53 billion for the second quarter ended June 30, 2024 (Q2 FY2024) from RM2.34 billion in the second quarter of 2023 (Q2 2023).

In a filing with Bursa Malaysia, the bank said its revenue rose 6.45% to RM17.17 billion from RM16.13 billion previously.

Maybank said net operating income expanded slightly to RM7.34 billion from RM7.31 billion in Q2 2023, led by higher net fund-based income which rose by 2.2% to RM4.93 billion.

However, non-interest income (NOII) decreased to RM2.41 billion from RM2.48 billion previously.

For the first half of 2024 (H1 2024), Maybank’s net profit improved by 9% year-on-year to RM5.02 billion, while revenue increased to RM35.52 billion.

The bank also declared a first interim full cash dividend of 29 sen per share, which translated into a dividend payout ratio of 69.7%, equivalent to RM3.5 billion.

As at 1.50pm, Maybank’s share price was up by 20 sen or 1.87% at RM10.90, giving the group a market capitalisation of RM131.53 billion.

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