Maybank Indonesia FY16 net profit surges to RM651.8m

PETALING JAYA: PT Bank Maybank Indonesia Tbk (Maybank Indonesia) saw its net profit after tax and minority interest (patami) for the financial year ended Dec 31, 2016 (FY16) increased 71% to 1.95 trillion rupiah (RM651.8 million), compared with 1.14 trillion rupiah in the previous corresponding year.
In a statement yesterday, the bank said the performance was achieved on the back of sound net interest income (NII) growth, coupled with controlled cost management and better provisioning levels required for the non-performing loans.
“This achievement was worth noting given the slow economy and challenging business environment,” it said.
Last year, the bank said NII rose 10.8% to 6.6 trillion rupiah, from 6 trillion rupiah in 2015, mainly due to its discipline in loan pricing and active funding management.
In addition, Maybank Indonesia said its net interest margin (NIM) also increased to 4.6% in December 2016 from 4.5% in 2015.
The bank recorded loans growth of 2.9% to 115.7 trillion rupiah as of Dec 31, 2016, against 112.5 trillion rupiah in the same period in 2015.
Nonetheless, the bank said it remains cautious over loan quality as businesses are still impacted by the recent economic slow-down.