Maybank Indonesia
Financial Results
9M 2023 ended 30 September 2023
Humanising Financial Services
Table of Contents
Executive Summary
Results Overview
Shariah Banking Unit
Digital Banking
Subsidiaries
Appendix
Sustainability
Maybank Indonesia in Brief
Awards and Events Highlights
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9M 2023: PBT increases 11.8% YoY to Rp1.7 trillion
Positive growth in PBT was derived from better earnings in the Bank's loan composition, particularly from the retail and RSME loans, following a continual lift in public consumption.
9M 2023 vs 9M 2022
Profit Before | PATAMI | Net Interest | Fee Income | Overhead Cost | Provisions |
Tax | Margin (NIM) | ||||
11.8% | 17.1% | 23 bps | 8.3% | 6.0% | 6.9% |
Rp1.7 trillion | Rp1.3 trillion | 5.00% | Rp1.4 trillion | Rp4.4 trillion | Rp761 billion |
- PBT and PATAMI recorded at Rp1.7 trillion and Rp1.3 trillion respectively, rose by 11.8% and 17.1% respectively deriving from better earnings in the Bank's loan composition, particularly from the retail and RSME, and lower loan loss provision as economy continued to stabilise.
- NIM improved by 23ps YoY to 5.00% due to improvement in higher yielding assets coupled with better earning assets composition.
- Fee income improved by 8.3% to Rp1.4 trillion driven by fees from Global Markets transactions which increased by 60.4% to Rp139 billion and recovery fees (bank only) which increased to Rp261 billion.
- Overhead cost (OHC) stood at Rp4.4 trillion, increased by 6.0% YoY as the Bank continued to intensify its human capital capabilities with future- ready skills and improvements in business productivity through strategic hiring and training, investing in modernised IT infrastructure and cybersecurity while staying the course of M25+ strategy.
- Provisions dropped by 6.9% YoY to Rp761 billion.
*) All numbers are based on Consolidated Financial Statements which are in accordance with accounting classification unless otherwise stated. | 3 |
The classifications differ from published results which are in accordance with OJK's classification. |
9M 2023: Loans grow while maintaining liquidity
Stable economy and improved public consumption have contributed to growth particularly in the Bank's retail loan
9M 2023 vs 9M 2022
Total | NPL | GIL |
Loans | Ratio | Ratio |
0.9% | 20 bps | 30 bps |
Rp112.4 trillion | 3.25% | 4.50% |
- Overall Loans were rather flat; grew by about 1% YoY. However, CFS Retail grew by 13.3%, primarily from subsidiaries' auto loans (MIF at 23.7% and WOM at 24.5%) and unsecured loans. CFS Non-Retail also grew 3.1%, contributed mainly by the 6.2% growth in RSME.
- GB declined by 10.8% YoY attributed to debtors repayment and tighter competitions.
- Gross NPL improved YoY to 3.25%. However, gross impaired loans (GIL) ratio increased YoY to 4.50% due to higher GIL balances despite an increase in loan balances.
- The Bank's Loan at Risk (LAR) improved to 10.67% in Sep-23 from 11.48% in Sep-22.
Healthy liquidity position; CASA
up by 1.5%
9M 2023 vs 9M 2022
Low Cost Fund | CASA | LDR Ratio |
(CASA) | Ratio | (Bank only) |
1.5% | 2.68% | 6.32% |
Rp56.2 trillion | 49.08% | 83.89% |
- Total customer deposits grew 7.0% to Rp114.5 trillion as Time Deposits increased by 12.9% continuing its trends from the previous quarter. CASA also registered a growth of 1.5% with Current Accounts grew higher by 4.5%, while the Savings Account eased by 2.8%.
- The Bank's CASA ratio was at 49.08% in Sep-23.
- Healthy liquidity indicators: Loan-to-DepositRatio (LDR
- bank only) at 83.89%, and modified LDR (bank only) at 77.69% as of Sep-23.Liquidity Coverage Ratio (LCR - bank only) quarterly stood at 222.27% as of Sep-23, well above minimum requirement.
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9M 2023: Capital remains strong; UUS continues to expand
Strong capital position
9M 2023 vs 9M 2022
Total | CAR |
Asset | |
3.2% | 3.30% |
Rp170.1 trillion | 28.17% |
- Total Assets increased by 3.2% YoY to Rp170.1 trillion.
- Strong capital position with CAR stood at 28.17% (Tier I at 27.10%).
Shariah Business Unit (UUS) recorded 66.7%
increase in PBT
9M 2023 vs 9M 2022
UUS | UUS | UUS | NPF |
PBT | Asset | CASA Ratio | Ratio |
66.7% | 6.1% | 5.38% | 0.55% |
Rp369 billion | Rp42.1 trillion | 46.44% | 2.44% |
- Shariah Banking Unit recorded a significant increase in PBT by 66.7% to Rp369 billion.
- Financing increased by 3.2% to Rp28.9 trillion, supported by the Shariah Business Unit's SME, Corporate Banking and green financing segments.
- Assets grew by 6.1% YoY, contributing to the Bank's standalone assets by 26.7%.
- Customer deposits also increased substantially by 20.5%, mainly driven by higher growth in CASA of 36.3%. Shariah Banking Unit's CASA ratio went from strength to strength, achieving 46.44% in Sep-23.
- Non-PerformingFinancing (NPF) gross improved to 2.44% in Sep-23 from 2.99% in Sep- 22.
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9M 2023: Contribution from subsidiaries
Subsidiaries contributed positively to Maybank Indonesia
9M 2023 vs 9M 2022
MIF PBT | MIF | WOM PBT | WOM |
Financing | Financing | ||
0.7% | 18.4% | 5.0% | 24.5% |
Rp406 billion | Rp7.2 trillion | Rp179 billion | Rp5.9 trillion |
- Maybank Finance's PBT was registered at Rp406 billion, moderately eased by 0.7% from Rp409 billion owing to provisioning, one-off fee in previous year, lower loan yield due to competition, and significant drop in late fee income.
- Maybank Finance's four-wheeledfinancing grew 18.4% to Rp7.2 trillion from Rp6.0 trillion in the same period last year.
- WOM Finance registered an increase of 5.0% in PBT to Rp179 billion from Rp171 billion in the same period last year following a continual improvement in consumer purchase power.
- WOM Finance's financing grew 24.5% to Rp5.9 trillion from Rp4.8 trillion.
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Table of Contents
Executive Summary
Results Overview
Shariah Banking Unit
Digital Banking
Subsidiaries
Appendix
Sustainability
Maybank Indonesia in Brief
Awards and Events Highlights
2
7
17
19
22
25
29
34
Income Statement - Consolidated
Rp billion | 9M 2023 | 9M 2022 *) | YoY | 3Q 2023 | 2Q 2023 | QoQ | ||
Interest Income | 8,758 | 7,628 | 14.8% | 3,011 | 2,910 | 3.5% | ||
Interest Expense | (3,350) | (2,467) | 35.8% | (1,211) | (1,109) | 9.2% | ||
Net Interest Income | 5,408 | 5,161 | 4.8% | 1,800 | 1,801 | 0.0% | ||
GM-related fees | 139 | 86 | 60.4% | (44) | 81 | -153.8% | ||
Non GM-related fees | 1,292 | 1,235 | 4.7% | 379 | 441 | -13.9% | ||
Non Interest Income | 1,431 | 1,321 | 8.3% | 336 | 521 | -35.6% | ||
Gross Operating Income | 6,839 | 6,483 | 5.5% | 2,136 | 2,322 | -8.0% | ||
Personnel | (2,263) | (2,106) | 7.4% | (765) | (760) | 0.7% | ||
General & Administrative | (2,162) | (2,067) | 4.6% | (716) | (730) | -2.0% | ||
Operating Expenses | (4,424) | (4,174) | 6.0% | (1,481) | (1,490) | -0.6% | ||
Operating Income before Provisions | 2,415 | 2,309 | 4.6% | 655 | 832 | -21.3% | ||
Provisions | (761) | (818) | -6.9% | (271) | (314) | -13.7% | ||
Operating Income After Provision | 1,653 | 1,491 | 10.9% | 384 | 518 | -25.9% | ||
Non Operating Income / (Expenses) | 3 | (10) | 126.0% | 6 | (2) | 359.4% | ||
Profit Before Tax & Minority Interest | 1,656 | 1,482 | 11.8% | 390 | 516 | -24.5% | ||
Tax & Minority Interest | (409) | (417) | -1.9% | (103) | (122) | -15.3% | ||
Profit After Tax & Minority Interest (PATAMI) | 1,246 | 1,064 | 17.1% | 287 | 394 | -27.3% | ||
* Mudharabah incentive is reclassified (as interest expense) to conform with current year's presentation | 8 |
Loans
Overall loans were rather flat; grew by about 1% YoY
LDR & Total Loans
Rp trillion | Loans Portfolio Breakdown | Rp trillion |
Sep-23 | Jun-23 | Sep-22 | YoY | QoQ | ||
Global Banking | 40.7 | 40.5 | 45.6 | -10.8% | 0.4% | |
CFS | 71.7 | 69.4 | 65.8 | 8.9% | 3.3% | |
CFS Non-Retail | 29.0 | 27.9 | 28.1 | 3.1% | 3.7% | |
Business Banking | 10.6 | 10.3 | 10.3 | 2.6% | 2.6% | |
SME+ | 5.0 | 4.9 | 5.1 | -2.3% | 1.4% | |
RSME | 13.4 | 12.7 | 12.6 | 6.2% | 5.4% | |
Micro * | ) | 0.0 | 0.0 | 0.1 | -83.7% | -12.9% |
CFS Retail | 42.8 | 41.5 | 37.7 | 13.3% | 3.0% | |
Auto Loan | 22.7 | 21.7 | 18.3 | 23.9% | 4.4% | |
2-wheeler | 5.9 | 5.8 | 4.8 | 24.5% | 2.2% | |
4-wheeler | 16.8 | 15.9 | 13.5 | 23.7% | 5.3% | |
Mortgage | 16.0 | 15.9 | 16.0 | 0.0% | 0.7% | |
CC + Personal Loan | 3.4 | 3.2 | 2.8 | 21.5% | 5.7% | |
Other loan | 0.6 | 0.6 | 0.6 | 2.3% | 0.3% | |
Total | 112.4 | 110.0 | 111.4 | 0.9% | 2.2% |
Global Banking | CFS | Foreign Exchange | Rupiah | |||||
* Micro segment is discontinued and we are running down the business | 9 |
Asset Quality
Gross NPL improved. However, gross impaired loans (GIL) ratio increased due to higher GIL balances despite an increase in loan balances.
Impaired Loans (consolidated)
Impaired Loans - Gross
Impaired Loans - Net
NPL (consolidated)
NPL - Gross
NPL- Net
Special Mention Loans (consolidated)
Special Mention
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Disclaimer
PT Bank Maybank Indonesia Tbk published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 11:48:01 UTC.