Maybank Indonesia
Financial Results
1Q 2024 ended 31 March 2024
Humanising Financial Services
Table of Contents
Executive Summary
Results Overview
Shariah Business Unit
Digital Banking
Subsidiaries
Appendix
Sustainability
Maybank Indonesia in Brief
Awards and Events Highlights
2
8
18
20
23
26
32
37
1Q 2024: Loans grow by 14.0% while maintaining liquidity
Loans grew across all segments of corporate, retail and non-retail loans
1Q 2024 vs 1Q 2023
Total | NPL | LAR |
Loans | Ratio | Ratio |
14.0% | 70 bps | 3.80% |
Rp122.3 trillion | 2.67% | 8.29% |
- Loans grew by 14.0% YoY across all segments owing to the implementation of Strategic Programmes (SP) 7 'Uplift Indonesia', which is an integral part of Maybank Group's M25+ strategy focusing on 'super growth' areas covering the Global Banking segment (Large Local Corporates/LLC), Small Medium Enterprise segment (SME+ and RSME) as well as retail segment of auto loans.
- GB grew 18.2% backed by growth in LLC and Financial Institutions Group (FIG) by 5.3% and 86.8% respectively, while CFS Non-Retail dan CFS Retail grew by 14.6% and 9.6% respectively.
- Gross NPL and gross impaired loan (GIL) ratios improved YoY to 2.67% and 3.70% respectively supported by increase in loan balances.
- The Bank's Loan at Risk (LAR - Bank only) improved to 8.29% in Mar-24 from 12.09% in Mar-23.
- NPL Loan Loss Coverage significantly improved to 133.2% in Mar-24 from 95.1% in Mar -23
Continued to optimise low cost
funding
1Q 2024 vs 1Q 2023
Low Cost Fund | Total | LDR Ratio |
(CASA) | Deposits | (Bank only) |
8.3% | 13.1% | 0.44% |
Rp58.2 trillion | Rp117.2 trillion | 88.67% |
- Total customer deposits increased by 13.1% to Rp117.2 trillion as CASA and Time Deposits increased by 8.3% and 18.4% respectively, continuing its trends from the previous semester. The CASA growth was derived from growth in Savings by 11.9% and Current Account by 5.9%.
- The Bank's CASA ratio remained healthy at 49.65% in Mar-24.
- Healthy liquidity indicators: Loan-to-Deposit Ratio (LDR - Bank only) at 88.67%, and modified LDR (Bank only) at 80.79% as of Mar-24. Liquidity Coverage Ratio (LCR - Bank only) quarterly stood at 210.77% as of Mar-24.
- The Bank will ensure to maintain an optimum level of liquidity (with LCR gradually maintained at around 170% level).
3
1Q 2024: Pre-provisioning Operating Profit booked at Rp609 billion
Revenue was impacted by high provisioning as a result of being proactive for specific
corporate accounts
1Q 2024 vs 1Q 2023
Profit/(loss) | Net Interest | Fee Income | Overhead Cost | Pre-provision | Provisions |
Before Tax | Margin (NIM) | Operating Profit | |||
135.4% | 61 bps | 35.5% | 4.2% | 34.3% | 395.3% |
-Rp265 billion | 4.53% | Rp370 billion | Rp1.5 trillion | Rp609 billion | Rp873 billion |
- The Bank recorded a consolidated loss before tax of Rp265 billion due to lower revenue and high provisioning.
- NIM contracted by 61bps to 4.53% due to higher cost of funds.
- Fee-basedincome was registered lower at Rp370 billion due to weakening Rupiah impacted by changing trends and projection in global interest rates movement and geopolitical influence as well as lower asset recovery.
- Overhead cost (OHC) grew 4.2% to Rp1.5 trillion as the Bank continued to make significant investment to enhance IT capability and capacity, including several strategic areas in line with M25+ initiatives in the first quarter of 2024 to drive digitalisation and technology modernisation.
- Pre-provisioningOperating Profit (PPOP) was booked at Rp609 billion.
- The Bank took a proactive approach to set aside provision expenses at Rp873 billion for specific corporate accounts which may potentially face asset quality deterioration. Nevertheless, provision amount is isolated and not systemic.
*) All numbers are based on Consolidated Financial Statements which are in accordance with accounting classification unless otherwise stated. | 4 |
The classifications differ from published results which are in accordance with OJK's classification. |
1Q 2024: Capital remains strong
Strong capital position
1Q 2024 vs 1Q 2023
Total | Total | Total | CAR |
Asset | RWA | Capital | |
10.0% | 16.7% | 2.8% | 3.46% |
Rp177.7 trillion | Rp115.6 trillion | Rp29.7 trillion | 25.65% |
- Total Assets increased by 10.0% YoY to Rp177.7 trillion.
- Total Capital stood at Rp29.7 trillion, an increase of 2.8% YoY.
- Strong capital position with CAR stood at 25.65% (CET 1 at 24.50%).
5
1Q 2024: UUS continued to record growth in assets
Shariah Business Unit (UUS) Financing
grew by 22.8%
1Q 2024 vs 1Q 2023
UUS | ||||
Income after | UUS | UUS | UUS | NPF |
Revenue Sharing | Assets | Financing | CASA | Ratio |
Distribution | 4.1% | 28.8% | 10.8% | 0.26% |
13.4% | Rp41.2 trillion | Rp31.9 trillion | Rp17.0 trillion | 2.47% |
Rp320 billion |
- The Shariah Business Unit's Total Income after Revenue Sharing Distribution was booked lowered at Rp320 billion compared to Rp369 billion in the same period last year owing to high cost of funds.
- The Shariah Business Unit continued to record growth in assets by 4.1% to Rp41.2 trillion, backed by significant increase in the business unit's financing, which grew 28.8% to Rp31.9 trillion from Corporate and SME financings. The Shariah Business Unit's financing growth contributed 29.3% to the Bank's standalone financing.
- Customer deposits also grew 11.9%, with the business unit's CASA rose 10.8% backed by higher growth in Savings Account by 26.3%. CASA ratio remained stable at 48.91% in Mar-24.
- Non-PerformingFinancing (NPF) gross improved to 2.47% in Mar-24 from 2.73% in Mar-23.
6
1Q 2024: 2-wheeled and 4-wheeled segments progress despite decrease in automotive industry sales
Maybank Finance
1Q 2024 vs 1Q 2023
MIF PBT | MIF |
Financing | |
0.0% | 11.8% |
Rp135 billion | Rp7.4 trillion |
- Maybank Finance's PBT was registered stable at Rp135 billion.
- Following the Bank's 'super growth' effort to strengthen its retail financing portfolio, particularly, in auto loan through active engagements with the customers as 'One-Maybank', Maybank Finance's four-wheeled financing grew 11.8% to Rp7.4 trillion from Rp6.7 trillion.
WOM Finance
1Q 2024 vs 1Q 2023
WOM PBT | WOM |
Financing | |
3.1% | 13.7% |
Rp83 billion | Rp6.2 trillion |
- WOM Finance registered an increase of 3.1% in PBT to Rp83 billion from Rp80 billion in the same period last year.
- WOM Finance's financing grew 13.7% to Rp6.2 trillion from Rp5.5 trillion resulted from alignment within 'One-Maybank' entities in Indonesia.
7
Table of Contents
Executive Summary
Results Overview
Shariah Business Unit
Digital Banking
Subsidiaries
Appendix
Sustainability
Maybank Indonesia in Brief
Awards and Events Highlights
2
8
18
20
23
26
32
37
Income Statement - Consolidated
Rp billion | 1Q 2024 | 1Q 2023 | YoY | 4Q 2023 | QoQ | ||
Interest Income | 3,140 | 2,837 | 10.7% | 3,126 | 0.5% | ||
Interest Expense | (1,387) | (1,030) | 34.7% | (1,300) | 6.7% | ||
Net Interest Income | 1,753 | 1,807 | -3.0% | 1,825 | -4.0% | ||
GM-related fees | (51) | 101 | -150.4% | 43 | -219.7% | ||
Non GM-related fees | 421 | 472 | -10.9% | 561 | -25.0% | ||
Non Interest Income | 370 | 574 | -35.5% | 604 | -38.7% | ||
Gross Operating Income | 2,123 | 2,380 | -10.8% | 2,429 | -12.6% | ||
Personnel | (796) | (738) | 8.0% | (737) | 8.0% | ||
General & Administrative | (718) | (716) | 0.3% | (644) | 11.5% | ||
Operating Expenses | (1,514) | (1,453) | 4.2% | (1,381) | 9.6% | ||
Operating Income before Provisions | 609 | 927 | -34.3% | 1,048 | -41.9% | ||
Provisions | (873) | (176) | 395.3% | (354) | 146.7% | ||
Operating Income After Provision | (263) | 751 | -135.1% | 695 | -137.9% | ||
Non Operating Income / (Expenses) | (2) | (1) | 59.9% | 4 | -141.3% | ||
Profit Before Tax & Minority Interest | (265) | 750 | -135.4% | 699 | -138.0% | ||
Tax & Minority Interest | 37 | (184) | -120.2% | (202) | -118.5% | ||
Profit After Tax & Minority Interest (PATAMI) | (228) | 566 | -140.3% | 497 | -145.9% | ||
9
Loans
Total loans grew 14.0% contributed by all segments from corporate, retail, and non-retail
LDR & Total Loans | Rp trillion | Loans Portfolio Breakdown | Rp trillion | ||||
Mar-24 | Dec-23 | Mar-23 | YoY | QoQ | |||
Global Banking | 46.4 | 41.7 | 39.3 | 18.2% | 11.3% | ||
CFS | 75.9 | 74.3 | 67.9 | 11.7% | 2.1% | ||
CFS Non-Retail | 31.9 | 30.8 | 27.8 | 14.6% | 3.5% | ||
Business Banking | 12.0 | 11.8 | 10.0 | 19.8% | 2.0% | ||
SME+ | 5.5 | 5.1 | 5.0 | 8.9% | 7.3% | ||
RSME | 14.4 | 13.9 | 12.7 | 12.9% | 3.5% | ||
CFS Retail | 44.0 | 43.5 | 40.1 | 9.6% | 1.1% | ||
Auto Loan | 23.5 | 23.1 | 20.5 | 14.6% | 1.8% | ||
2-wheeler | 6.2 | 6.2 | 5.5 | 13.7% | 1.2% | ||
4-wheeler | 17.3 | 17.0 | 15.1 | 14.9% | 2.1% | ||
Mortgage | 16.1 | 16.2 | 15.9 | 1.4% | -0.3% | ||
CC + Personal Loan | 3.7 | 3.6 | 3.1 | 20.5% | 3.1% | ||
Other loan | 0.6 | 0.6 | 0.6 | 2.5% | -1.1% | ||
Total | 122.3 | 116.0 | 107.2 | 14.0% | 5.4% |
Global Banking | CFS | Foreign Exchange | Rupiah | |||||
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
PT Bank Maybank Indonesia Tbk published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 11:12:04 UTC.