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Tag: Maybank

  • Creditor Maybank Terminates Collaboration Deal

    Creditor Maybank Terminates Collaboration Deal

    Hyflux said that creditor Maybank was terminating its collaboration agreement with the troubled Singapore water infrastructure player with immediate effect due to its failure to reach a binding deal with a bidder or investor.

    This constitutes a breach which is incapable of remedy under the collaboration agreement,» the letter said, according to the Hyflux filing. In addition, Maybank has sent notices to Singapore water regulator PUB and the Energy Market Authority of Singapore, Hyflux said.

    «These notices are in respect of an enforcement event and acceleration of the maturity of all amounts owing under the Tuaspring financing documents,» Hyflux said in the filing. «Maybank has also stated its intention to appoint receivers and managers over the assets of Tuaspring save for the desalination plant and shared infrastructure.» Maybank’s loans to Hyflux were substantial: A CGS-CIMB research note from August said that the exposure was at S$658.6 million as of the end of the first half of last year.

    The Malaysian bank had agreed to hold off on enforcement action against Hyflux on the condition that the Singapore company would execute a deal with a successful bidder or investor which would fully settle with Maybank. A deal had appeared within reach and Maybank had provided Hyflux with multiple deadline extensions of their agreement.

    SM Investments, a consortium of the Salim Group and the Medco Group, had entered a binding agreement in October to invest S$530 million for a 60 percent stake in Hyflux, which had filed for court protection in May. Hyflux had said the oversupply of gas in Singapore’s market had resulted in depressed electricity prices, which hit earnings in 2017 and drove losses in the first quarter of 2018.

    But in early April, Hyflux terminated the deal, saying it had «no confidence» that SM Investments would complete the investment after the Indonesian consortium failed to provide a written commitment it would do so.

    The deal’s termination led to Singapore’s water regulator PUB rescinding its extension of the default cure period for the contractual obligations of Hyflux’s Tuaspring Desalination Plant. Last Wednesday, PUB issued a notice to Hyflux that it would terminate its water purchase agreement (WPA) and take over the plant.

    Maybank’s move was likely to mark another headache for Hyflux: «The termination of the collaboration agreement is expected to have a material impact on the financial performance of the group,» Hyflux said.

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  • Maybank achieves record earnings of RM8.11 billion for 2018

    Maybank achieves record earnings of RM8.11 billion for 2018

     Malayan Banking Bhd’s (Maybank) registered highest ever net profit of RM8.11 billion for the financial year ended December 31, 2018 (FY18) from RM7.52 billion a year ago, mainly underpinned by higher loans growth, lower overhead costs as well as lower provisioning. Its FY18 revenue also rose 3.8% to RM47.32 billion against RM45.58 billion previously.

    Net profit for the fourth quarter, meanwhile, grew 9.1% to RM2.33 billion from RM2.13 billion in the same quarter a year ago, with revenue expanding 3.8% to RM12.23 billion from RM11.79 billion.

    The bank has proposed to declare a final dividend of 32 sen per share for the quarter under review.

    Together with the 25 sen interim dividend declared earlier, the full-year dividend payout of 57 sen per share amounts to RM6.3 billion or 77.3% of net profit.

    The total dividend payout also translates into a higher dividend yield of 6% versus 5.6% in 2017.

    In 2018, Maybank’s achieved a record net operating income which rose 1.7% to RM23.63 billion, on the back of a 3.1% increase in fund based income as a result of higher contributions from all business sectors and key home markets.

    Group gross loans expanded at a faster pace of 4.8% in FY18, compared with 1.7% previously. The Malaysian operations saw loans expanding 4.8%, Singapore 4.5%, Indonesia 7.0% and 10.9% for other international markets.

    Maybank also highlighted that its net impairment losses for the year coming in 20.5% lower than the previous year, lifting operating profit by 9.3% to RM10.8 billion in 2018.

    For Q4 alone, it also saw net impairment losses coming in 58.1% lower than Q3.

    The bank continued to maintain a healthy liquidity position with its liquidity coverage ratio of 132.4% and loan-to-deposit ratio of 92.7%. Total capital ratio was 18.51% while its fully loaded common equity tier 1 ratio stood at 14.51%, both well above the regulatory requirements of 8.0% and 4.5% respectively.

    On its prospects, Maybank said it will maintain its balance sheet expansion in line with forecast economic growth of its three home markets, in tandem with the group’s risk posture, and continue building on its diversified franchise and footprint to expand income streams through cross business collaborations and focusing on diligent pricing of its assets and liabilities.

    Barring any unforeseen circumstances, the group expects its financial performance for 2019 to be satisfactory in line with the expected growth prospects of its key home markets.

    The group has set the headline key performance indicator (KPI) for return on equity (ROE) of approximately 11%.

    At 2.35pm, Maybank’s share price was trading unchanged at RM9.54 on 3,344,100 shares done.

  • Record earnings for Maybank Indonesia

    Record earnings for Maybank Indonesia

    PT Bank Maybank Indonesia Tbk’s (Maybank Indonesia) profit after tax and minority interests (patami) for the financial year ended Dec 31, 2018 surged 21.6% to a new high of Rp2.2 trillion (RM640 million) on the back of higher net interest income (NII) and continued improvement in asset quality.

    The bank’s profit before tax (PBT) jumped 20.5% to a record Rp3 trillion, its highest achievement to date, while NII grew 5.2% to Rp8.1 trillion in December 2018 compared with Rp7.7 trillion in the previous corresponding period, it said in a statement today.

    Additionally, it said continuous implementation of disciplined pricing coupled with improved operational efficiencies enabled the bank to contain pressures on interest margin, resulting in improvement in net interest margin by 7 basis points (bps) to 5.2%.

    The bank’s asset quality also improved significantly as reflected by lower non-performing loan (NPL) levels of 2.6% (gross) and 1.5% (net) as at Dec 31, 2018 compared with 2.8% (gross) and 1.7% (net) respectively in the previous year.

    Following that, Maybank Indonesia was able to reduce its loan loss provisions by 38.6% to Rp1.3 trillion as of December 2018.

    Its loans grew 6.3% to Rp133.3 trillion from Rp125.4 trillion in the previous year.

    It also maintained a strong capital position with total capital reaching Rp26.1 trillion in FY18, while capital adequacy ratio (CAR) improved to 19% from 17.5%.

    Maybank Indonesia president commissioner and Maybank group president and CEO Datuk Abdul Farid Alias said the bank’s outstanding results for FY18 testify to its commitment towards sustainable business growth, as well as its relentless pursuit in ensuring sound asset quality, improved operational efficiency and better overall productivity.

    “Although the operating environment continues to remain challenging, we believe that we are poised for further growth in the coming year,” he added.

  • Malaysian banks to maintain earnings potential this year

    Malaysian banks to maintain earnings potential this year

    Analysts believe that the banking sector will be able to maintain its earnings potential this year, as margin pressure is expected to ease and continued loans growth with stable asset quality. MIDF Research said while the industry’s loans growth moderated to 5.6% year-on-year (y-o-y) as at December 2018 due to moderation in business loans and loans for the purchase of residential properties, the growth was still slightly above its expectations.

    “As for CY19, we expect a moderation in loans growth to 4.7% y-o-y due to the high base effect. We also believe that deposits growth will moderate to 5.3% y-o-y due to lower growth in fixed deposits growth this year,” the research house said in a note.

    “This also means that there will be accretion in value for banks’ book value. Hence, we maintain our ‘positive’ view on the sector,” it added.

    Overall, MIDF Research said it is cautiously optimistic of the banking sector continuing its solid performance in 2019.

    Given the current market conditions, the research house said its top picks for the sector are Maybank, CIMB and Public Bank.

    In a separate note, AmBank Research said it expects that the foreign fund inflows into emerging markets would benefit the share prices of the liquid banking stocks as the US Fed rate hike is tapering off.

    Therefore, the research house said it maintained its “overweight” stance for the sector with “buy” calls on RHB Bank, Public Bank, Alliance Bank, BIMB Holdings, Maybank as well as MBSB. Its tops picks include Maybank, Public and RHB Bank.

    AmBank Research noted that Maybank’s earnings are well diversified and the bank is still recording positive JAWs (a technical term that denotes income growth exceeding that of expenses) with growth in total income outpacing expenses.

    It added that Maybank’s net interest margins could also improve further ahead with the lowering of its funding cost as the group releases the excess liquidity built-up in the first half of financial year 2018 (1HFY18).

    “Meanwhile, dividend yield for the stock continues to be attractive relative to peers with its high payout ratio while potentially offering investors higher returns with the reinvestment of their dividends into additional shares under the DRS (dividend reinvestment scheme),” it added.

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  • Maybank Malaysia vaults into list of world’s top 500 brands

    Maybank Malaysia vaults into list of world’s top 500 brands

    Maybank has made it into the world’s top 500 brands for the first time, after it was named in Brand Finance’s Global 500 Brands – the only Malaysian bank and one of two Malaysian brands to be included in this prestigious listing. Maybank achieved a brand valuation of US$4.2 billion (RM17.3 billion), a 32% increase from last year’s valuation of US$3.16 billion according to its statement.

    Maybank said the group also maintained its position as the top bank brand in Malaysia for the fifth year running, improving its previous rating of “AAA-” to “AAA”.

    At the same time, it registered an increase in the Brand Strength Index (BSI) to 86/100 this year from 82/100 previously. BSI is a key driver that contributes to brand valuation and determines the strength of a brand.

    Maybank was among only eight Asean brands listed in the global ranking. It was placed 494 in the world’s top 500 most valuable brands list.

    Maybank group president and CEO Datuk Abdul Farid Alias said the recognition was a reflection of Maybank’s sustained efforts in building closer relationships with its stakeholders and focusing on delivering consistent value through all its products and services.

    “It is definitely a great honour for Maybank to be listed among the top brands in the world today. We believe it also demonstrates how a homegrown brand from Malaysia is defining new standards and raising the bar in the global stage with support from all its stakeholders.”

    Farid added that Maybank’s strategy in developing a meaningful brand experience was centred on its mission to humanise financial services, as well as its commitment to being at the heart of communities where it operates.

    “While we will continue to strengthen our brand positioning across all our engagement channels, we are also focusing on providing next-generation customer experience given that technology is rapidly influencing our lifestyles and the way people do banking today,” he said.

    Brand Finance in its annual survey, values the brands of thousands of the world’s biggest companies. The results of this analysis are then ranked with the world’s 500 most valuable brands featured in the Brand Finance Global 500 report.

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  • Maybank Malaysia bags ‘The Banker’s Bank’ award

    Maybank Malaysia bags ‘The Banker’s Bank’ award

    Malayan Banking Bhd (Maybank) clinched The Banker’s Bank of the Year 2018 in Malaysia award with its fresh thinking on how to provide the best service quality to previously underserved consumers. In a statement, The Banker Editorial said Maybank launched HouzKEY, an innovative rent-to-own product, the first of its kind in Malaysia, recognising a gap in the market to provide services to Islamic banking customers.

    “With a growing demand for affordable homes in the country, Maybank created this alternative solution, which allows for home ownership through a leasing scheme that does not require a deposit.

    “Customers have a flat rate rental payment for five years, and at the end of that time, have the option to purchase the property at a price agreed at the start of the contract, continue to rent with a 2% annual rent increase, or to terminate the contract with no obligation,” it said.

    The scheme is Shariah-compliant, being based on the Ijarah principle of leasing.

    Maybank president/CEO Datuk Abdul Farid Alias said the bedrock of its success is predicated on the bank’s mission of humanising financial services, which drives it to innovate and offer financial solutions that enrich the lives of customers.

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  • Outlook for local banking sector remains challenging: Kenanga Research

    Outlook for local banking sector remains challenging: Kenanga Research

    The banking sector’s outlook is challenging due to external concerns while clarity and direction on the domestic front remain murky, according to Kenanga Research, which maintained a neutral stance for the sector as no fundamental change is expected, and the sector lacks concrete catalysts. “We view the industry with caution as uncertainties and headwinds still prevail. The industry remains unexciting, dragged by moderate loan growth and soft capital markets. Prevailing negative sentiment both globally and domestically will continue to drive volatility and uncertainty in the industry. Caution will still prevail due to the soft economy outlook globally,“ the research house said in a note today.

    It said banks with healthy asset quality (hence low impairment allowances) will still be the favour due to their defensive quality.

    “As such, selective asset growth will still be the focus for the banks. Despite stable economic outlook in the domestic environment coupled with low unemployment, we opine that cautiousness and selective assets growth will still prevail in the industry,“ Kenanga Research explained.

    It said loan growth moving forward will still be moderate as uncertainties prevail with fee-based income expected to be soft as a result of the volatile capital market. However, with the stable outlook, this will support a moderate and stable credit charge for the industry.

    “We expect impairment allowances (credit costs) to be stable and consistent (as it had been generally in 2018) which will lend support to the banks’ bottom line. We do not discount another potential up-cycle of impairment allowances, especially those highly exposed to the energy sector (CIMB, Maybank and RHB Bank) as energy prices have been under pressure due to the perceived economic slowdown both domestically and globally.”

    Kenanga Research expects mild compression for net interest margin (NIM) as most of the banks’ loan-to-deposit ratio and loan-to-fund ratio are over 90% and 80%, respectively, as compression will be mitigated by soft credit demand. The deferment of NSFR (net stable funding ratio) into 2020 plus the absence of high credit demand will support the outlook for a stable to mild compression in NIM.

    “However, looking at the slowing momentum in household demand, we do not discount the likelihood of competitive lending rates in the short term as banks strive to achieve their loan growth target. This competition will ultimately lead to further downside pressure on NIM.”

    The research house has revised downwards the 2018/2019 earnings estimates by 80bps/30bps to +6.7%/+5.6% respectively.

    “For 2019, earnings are slower at +5.6% year-on-year (yoy) as we based from these assumptions of credit charge at 0.33%; and slight compression on NIM by 3bps and a higher pace from fee-based income (+6.6% yoy due to a lower base).”

    It also toned its outlook on loan growth for FY18 at +4.7% (from +4.9% previously) on account of revision of prevailing headwinds.

    Kenanga Research reiterated its outperform call for BIMB Holdings Bhd, as its financing portfolio (70% of total financing) is skewed towards household (75% first-time buyers for residential property) with focus on growing its personal financing will minimise NIM compression.

    Another preferred pick is Malaysia Building Society Bhd (MBSB), which is expected to achieve 3-4% growth driven by corporate loans/financing as another RM950 million is expected to be disbursed in Q4 18.

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  • Maybank sees marginally lower net profit for Q3

    Maybank sees marginally lower net profit for Q3

    Malayan Banking Bhd posted marginally lower net profit for the third quarter ended Sept 30, 2018 of RM1.96 billion, compared with RM2.03 billion in the corresponding quarter in 2017, on lower net operating income, higher allowances for impairment losses on loans, advances, financing and other debts and lower share of profits in associates and joint ventures .

    For the quarter under review, the group registered a net operating income of RM5.69 billion, compared with RM5.89 billion a year earlier, impacted by a dip in fee based income owing mainly to lower investment and trading proceeds as well as foreign exchange fluctuations. Notwithstanding this, operating profit for the third quarter ended Sept 30, 2018 was higher at RM2.61 billion from RM2.60 billion a year, as the group benefited from lower overhead expenses which declined 6.2% from a year earlier, as well as lower impairment losses which fell 5.5%.

    Maybank group said its key priorities for 2018 include maintaining pricing discipline across our products, focus on attaining cheaper funding sources to support loan growth, growing our loan portfolio within our risk appetite, while proactively managing our asset quality.

    The group has implemented MFRS 9 on Jan 1, 2018, of which the impairment assessment is based on the expected credit loss model that uses forward looking assumptions as opposed to an incurred loss model under the previous accounting standard. The group’s capital and liquidity positions remain strong notwithstanding the implementation of MFRS 9.

    Barring any unforeseen circumstances, the group expects its financial performance for 2018 to be satisfactory against the expected growth prospects of its key home markets. The group has set its Headline Key Performance Indicator for Return on Equity of 11%.

    Net profit for the nine month period ended Sept 30, 2018, was 7.39% higher at RM5.79 billion, compared with RM5.39 billion for the period in 2017.

    This was on 3.82% higher revenue of RM35.09 billion, compared with RM33.79 billion.

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  • Maybank Asset Management sees AUM expanding US$50m in next 2 years

    Maybank Asset Management sees AUM expanding US$50m in next 2 years

    Maybank Asset Management Group (MAMG) expects its assets under management (AUM) to increase between US$30 million (RM126 million) to US$50 million (RM209 million) in the next two years, following its collaboration with Schroder Investment Management (Singapore) Ltd to co-develop investment solutions for sophisticated investors.

    As of end September 2018, MAMG’s AUM stood at RM33.7 billion.

    MAMG and Schroders Singapore announced their first long-term strategic partnership with the launch of two discretionary portfolios, namely Global High Dividend Equity Portfolio and Global High Conviction Portfolio.

    These solutions will be managed by Maybank Asset Management (MAM) Malaysia, a unit of MAMG, with Schroders Singapore as the investment adviser.

    “This is a very targeted high net worth segment so we are leveraging on Maybank private banking customers,” MAMG CEO Badrul Hisyam said.

    “The (market) sentiment right now is quite weak generally, unless the sentiment improves, then we would see better response to this kind of product,” Badrul added, revealing that at least three more products would be available under this collaboration in financial year 2019.

    “By integrating our strength in local wealth management with their global investment capabilities, the resulting synergy will allow us to deepen our foothold in the Malaysian wealth market, through dedicated offerings designed to achieve investors’ desired outcomes.

    “We recognise the growing demand for sophisticated, outcome-oriented global investment solutions, particularly among the high net worth community. We are therefore committed to delivering a range of global investment strategies to cater to their evolving financial needs,” he noted.

    Meanwhile, Schroders Singapore country head Susan Soh said as part of the continuing partnership, both companies would undertake further collaboration projects to co-develop solutions across other asset classes, including Shariah-compliant investment and private assets.

    “We believe our ability to combine the key tenets of asset management and wealth management offers differentiated value proposition to MAM Malaysia’s clients,“ Soh said.

    According to Badrul, the Shariah-compliant investment is expected to be available to the market by third quarter of 2019.

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  • Maybank Q2 earnings up 18%, declares 25 sen dividend

    Maybank Q2 earnings up 18%, declares 25 sen dividend

    Malayan Banking Bhd (Maybank), which saw net profit jump 18.1% to RM1.96 billion for the second quarter ended June 30, 2018, expects its performance for the second half of the year (2H18) to be driven by its consumer, wealth and insurance businesses, said group CFO Datuk Amirul Feisal Wan Zahir.

    He expects the consumer business to drive the loan growth for Malaysia, cautioning that the corporate side may slow down but pointed out that this remains to be seen.

    “Loan growth from the consumer market was stronger than corporate in 1H18. We don’t think this will change in 2H18. We typically perform better than the industry for Malaysia (in loan growth),” he said after announcing its 1H18 financial results.

    Q2 net profit was up on higher net operating income and lower impairments, while revenue jumped 5.4% to RM11.51 billion from RM10.92 billion.

    The group has proposed to declare an interim dividend of 25 sen for the quarter under review.

    For the six-month period, Maybank’s net profit increased 13.9% to RM3.83 billion from RM3.36 billion a year ago on the back of higher operating income, lower impairments as well as reduced overheads as a result of better cost management. Revenue went up 3.7% to RM23.02 billion from RM22.20 billion.

    Maybank saw a loan growth of 4.6% in 1H18, where Singapore operations expanded 8.9%, followed by Indonesia at 6.6% and Malaysia 6.1%. The Malaysia loan growth of 6.1% was above the industry loan growth of 5% for the country. Singapore and Indonesia fared below its industry loan growth of 9.9% and 10.7% respectively.

    It expects its net interest margin, which stood at 2.33% in June 2018, to maintain at last year’s 2.36% or slightly less.

    Amirul said the implementation of the SST, which will bring a revenue of RM20 billion to RM25 billion to the government compared with RM42 billion under the GST, will result in more disposable income among the people, providing more expansionary spending on the consumer side.

    “The (SST) impact on the bank will be neutral,” he said.

    Meanwhile, he said Maybank’s exposure to the oil and gas sector is at 3.86% of its total loan assets and that the level of provisions has reduced having peaked last year.

    “Going forward we will be vigilant looking at each markets and we will be more cautious on Indonesia given the volatile environment.”

    Amirul also said Maybank’s loan exposure to financially-troubled Hyflux Ltd of Singapore is at the project company Tuaspring Pte Ltd level, which is fully secured and not on the group level.“We made some provisions in Q2,” he said.

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  • Maybank IB named best investment bank for fourth time running in Euromoney Awards

    Maybank IB named best investment bank for fourth time running in Euromoney Awards

    Maybank Investment Bank Bhd (Maybank IB) was named the best Malaysian investment bank for the fourth time in a row in the Euromoney Awards for Excellence 2018.

    According to Euromoney, the accolade has been conferred on Maybank for its strong performance during the period under review.

    “Maybank IB had gone from strength to strength as a regional firm that now stands in comparison with all international and regional peers in Asean investment banking and advisory,” said Euromoney.

    It noted that the bank is the clear leader in investment banking in Malaysia.

    Maybank IB also topped the league tables in ringgit sukuk and conventional bonds.

    Euromoney received almost 1,500 submissions from banks for the award programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.

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  • Maybank Indonesia posts lower earnings in first half of 2018

    Maybank Indonesia posts lower earnings in first half of 2018

    Malayan Banking Bhd’s (Maybank) Indonesian unit PT Bank Maybank Indonesia Tbk’s net profit fell 6.6% to Rp932.7 billion (RM264 million) for the first six months ended June 30, 2018 compared with Rp998.5 billion in the previous corresponding period, due primarily to lower fee-based income and a slight compression in net interest margin (NIM).

    The bank recorded a loans growth of 6% to Rp127.1 trillion as at June 30, 2018 from Rp119.9 trillion in the previous year. Its sharia business saw solid growth of 42.2% to Rp23 trillion, making up 18.1% of its total loans.

    Asset quality improved significantly as reflected by lower gross and net non-performing loans (NPL) of 2.8% and 1.6%, respectively, as at June 30, 2018, compared with 3.6% and 2.4% in the previous year.

    Net interest income registered a 2.5% growth to Rp3.9 trillion in June 2018 compared with Rp3.8 trillion in the previous corresponding period, but NIM was marginally lower at 5.1% in June 2018 from 5.3% a year ago. On a quarterly basis, NIM improved 28 basis points from 4.8% in the first quarter of 2018.

    The capital adequacy ratio improved to 18.8% as of June 30, 2018 from 16.9% in the previous corresponding period with total capital reaching Rp24.7 trillion.

    Maybank Indonesia president director Taswin Zakaria said the bank continue to focus on growing its assets selectively while maintaining the discipline in loan pricing to ensure sound asset quality going forward.

    “Global banking continues to be the leading contributor to our asset growth; while our community financial services has now resumed an upward growth momentum as the bank sees opportunities in the retail and small medium enterprise segments. We expect to see further growth in this segment as we have recently embarked on our recalibrated retail business model.”

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  • SGX holds carnival at VivoCity this weekend for new investors

    SGX holds carnival at VivoCity this weekend for new investors

    The  Singapore Exchange (SGX) on Thursday said it will be holding its retail education event this weekend (May 26-27) at VivoCity’s Outdoor Plaza Atrium, as part of its ongoing efforts to educate new investors and encourage them to start investing.

    Targeted at NIBIs (not invested but interested) aged between 18 and 35 years old, the SGX “My First Stock Carnival” will take on a hands-on and interactive approach to educate investors on how to embark on their financial literacy journey, the Singapore bourse said.

    CGS-CIMB, iFAST Singapore, Lim & Tan, Maybank Kim Eng, PhillipCapital and RHB Securities will be setting up booths at the carnival to help participants open accounts, or answer any questions they may have about investing.

    An SGX “My First Stock Guidebook” will also be distributed along with a goodie bag at the carnival, and attendees will have the opportunity to interact with industry specialists and retail brokers, as well as familiarise themselves with SGX’s investing resources.

    Chan Kum Kong, SGX’s head of research and products, equities and fixed income, noted that there has been a trend of young investors becoming more active in investing.

    Added Mr Chan: “Our data shows that the traded value per month per investor aged 25 years old and younger saw an increase of 32 per cent in the first quarter of 2018 over the same quarter in 2016; the number of trades per month for the same group also saw an increase of 17 per cent over the same time period.”

    The carnival, which marks its fifth edition this weekend, will also be complemented by a week of investment workshops.

    The “My First Stock Carnival Investment Week” to be held at the SGX Auditorium, will feature speakers from SGX Academy and broking firms in a series of panel discussions held on May 28, May 30 and June 1.

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  • Grab Malaysia partners Maybank for mobile wallet launch

    Grab Malaysia partners Maybank for mobile wallet launch

    Grab announced a strategic partnership with Maybank to drive the acceptance and usage of Grab’s new cashless payment method, the GrabPay mobile wallet.

    The announcement comes as Grab, which received its e-money license from Bank Negara Malaysia in December 2017, is set to launch its GrabPay mobile wallet in beta in the coming weeks.

    With the partnership and support of Maybank, Grab consumers will not only be able to use GrabPay mobile wallet at GrabPay merchants, but will also be able to eventually use their mobile wallet at Maybank’s key merchants thereby making GrabPay accepted at a wider network of merchants.

    Similarly, Maybank customers will also eventually have the option of paying via Maybank QRPay at GrabPay merchants.

    Through the partnership, consumers will soon also have the added convenience of directly topping-up cash to their mobile wallet via Maybank2U.

    Maybank group president and CEO Datuk Abdul Farid Alias said that the collaboration with Grab is part of Maybank’s ongoing efforts to provide customers with even more digital conveniences that would not only enrich their online experience but also enhance their lifestyles.

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  • Maybank Indonesia’s Q1 top line rises 3.6 pct

    Maybank Indonesia’s Q1 top line rises 3.6 pct

    PT Bank Maybank Indonesia Tbk (Maybank Indonesia) today reported that its operating income after provisions increased to 682 billion rupiah for the first quarter ended March 31, 2018 compared with 633.9 billion rupiah recorded in the previous corresponding period.

    In a statement, Maybank Indonesia said its profit after tax and minority Interest (PATAMI) stood at 463.1 billion rupiah for Q1, slightly lower than the 490.1 billion rupiah recorded in the same quarter a year ago.

    Gross operating income rose 3.6 per cent to 2.5 trillion rupiah for the three months.

    Maybank Indonesia said its operating income after provisions increased by 7.6 per cent and the bank’s top line grew 3.6 per cent supported by continued improvement in operational efficiency in line with its Strategic Cost Management Programme, as well as fee based income expansion, improvement in provisioning levels, growth in Sharia business and improvement in subsidiaries.

    Sharia Banking continued to record strong performance in the first three months of 2018 with total assets increasing by 25.7 per cent to 27.1 trillion rupiah, making up 15.4 per cent of the itss total assets.

    Total financing rose 41.6 per cent from 14.3 trillion rupiah as of March 2017 to 20.2 trillion rupiah as of March 2018, while its total deposits grew 44.1 per cent to 17.5 trillion rupiah from 12.1 trillion rupiah.

    It said Non Performing Financing improved significantly to 3.2 per cent as of March 2018 compared with 4.6 per cent in the previous year.

    The bank recorded a moderate loans growth of 2.2 per cent to 122.5 trillion rupiah as at March 31, 2018 from 119.9 trillion rupiah the previous year.

    Global Banking loans recorded growth of 6.2 per cent to 27.6 trillion rupiah as of March 2018 from 26 trillion rupiah as of March 2017.

    Maybank Indonesia said its customer deposits grew by 2.7 percent year-on-year with current accounts growing strongly at 27.3 per cent year-on-year, lifting the CASA (current account savings account) ratio to 39.7 per cent.

    On March 15, 2018, the bank also issued Shelf Registered Bonds II Bank Maybank Indonesia Tranche II Year 2018 amounting to 645.5 billion rupiah to support its business expansion.

    Maybank Indonesia has maintained its robust liquidity profile with its loan-to-deposit ratio remaining at a healthy level of 85.6 per cent and liquidity coverage ratio at 176.4 per cent as of March 2018, far in excess of the mandatory minimum of 90 per cent.

    Maybank Indonesia president director Taswin Zakaria said the bank will continue to grow its assets selectively to ensure sound asset quality going forward.

    “Our Global Banking continues to be the leading contributor to our assets growth.

    “The Sharia First strategy adopted by the Bank since 2014 continues to deliver impressive results.

    “However, we expect our CFS (Community Financial Services) portfolio to gradually strengthen in the coming quarters as we see opportunities in the retail and small medium enterprise segments.

    “This will be further underpinned by our recent initiative in transforming our retail business model,” he said.

    Maybank Group president and chief executive officer Datuk Abdul Farid Alias said the first quarter results demonstrate Maybank Indonesia’s resilience in growing its revenue despite the increasingly competitive market in the country.

    “The bank has firmly embedded sustainable business development strategies which cover retail transformation, digital banking enhancement, culture transformation as well as asset quality selection which will ensure continued value creation for all our stakeholders.

    “The outlook for the medium term remains challenging; but we are optimistic that we can manage the risks and ensure steady growth of our business in the coming quarters,” said Farid.

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