PETALING JAYA: Malayan Banking Bhd’s (Maybank) net profit fell 13.71% to RM1.68 billion in the third quarter ended Sept 30, 2021 (Q3’21) from RM1.95 billion registered in the same quarter a year ago owing to a 26.6% decrease in net fee-based income to RM1.43 billion mainly from lower investment and trading income, coupled with higher net impairment losses on additional proactive provisioning made given the varying levels of movement restrictions across home markets Malaysia, Singapore, and Indonesia which were emplaced in the recent third quarter.
Revenue declined 18.97% to RM11.15 billion from RM13.76 billion previously.
For the nine months period, Maybank’s net profit surged 22.16% to RM6.04 billion from RM4.94 billion, while revenue eased 10.53% to RM34.7 billion from RM38.79 billion.
Maybank has supported its customers with various Repayment Assistance initiatives and rescheduling and restructuring (R&R) programmes since February 2020 to help ease customers’ cash flow burdens and work towards stabilising their livelihoods. Recently, Maybank has extended support through repayment assistance programmes such as Pemerkasa Plus and Pemulih. As of Nov 12, some 30.6% of total loans and financing in Malaysia was under repayment assistance, Relief, and R&R programmes – 15.2% in Indonesia, and 3.9% in Singapore.
Maybank has also assisted its customers, especially the SME segment, through its digital solutions and payment platforms such as Sama-Sama Lokal, online Biz apps and financing capabilities like SME Digital Financing.
To support the economic recovery stage of this pandemic, banks are working with Credit Counselling and Debt Management Agency on a targeted financial assistance scheme to help the most vulnerable segment of individual customers, defined as B50, transition out of the various repayment assistance programmes so that they can gradually resume their financial obligations and continue contributing to the economy. For businesses, Maybank will focus on extending additional loans to support their growth momentum in this recovery phase.
Maybank chairman Tan Sri Zamzamzairani Mohd Isa said despite the impact of movement restrictions on the group’s Q3’21 performance, its strong liquidity and capital base will allow it to tap growth opportunities that are emerging with the reopening of the economy.
“As Malaysia sees economic recovery in the fourth quarter of 2021 on the back of strong vaccination rates and an uptick in business and leisure mobility, we will position ourselves for renewed growth and support our customers in making the most of these early days of economic recovery,” he said in a statement yesterday.
Maybank group president and CEO Datuk Abdul Farid Alias (pix) said it would continue to provide tailored financial solutions to meet the current needs of customers that have shifted from preservation to growth, with the reopening of economies, while continuing to support customers who require targeted financial assistance.
“We will help our customers capitalise on growth opportunities arising from the recovery and so they can sustain themselves moving forward in this new operating environment. This includes supporting them in embracing digitalisation in their operations, exploring alternative forms of financing solutions and looking at investment solutions that can help grow their wealth. Meanwhile, within the organisation, we are constantly exploring ways to improve our efforts concerning the climate and sustainability agenda as part of our motto to always do the right thing,“ he said.