Maybank Indonesia Q1 earnings jump 10.4%

PETALING JAYA: PT Bank Maybank Indonesia Tbk’s net profit for the first quarter ended March 31, 2017 was 10.4% higher at Rp490.1 billion (RM160 million) compared with the previous year’s corresponding period, on the back of higher net interest income (NII), effective cost management, healthy growth in corporate loans and continued outstanding performance in syariah banking.

NII rose 8.1% to Rp1.7 trillion in the first quarter 2017. The bank also reported an increase in its net interest margin (NIM) to 4.7% in March 2017.

The bank’s overhead costs remained stable at Rp1.2 trillion for the first quarter 2017, with a stable cost-to-income ratio at 58.3%. It recorded loan growth of 5.7% to Rp114.2 trillion as of March 31, 2017 from a year ago.

The bank maintained its asset quality with consolidated non-performing loan level remaining at 3.7% (gross) and 2.4% (net) as of March 2017 compared with the previous corresponding period. It was also able to reduce provision expenses by 9.5% to Rp269.3 billion in March 2017 from March 2016.