Maybank shares up in the early session
25 May 2023 10:46am
Maybank - FILEPIC
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At 10.14 am, the counter rose 1.0 sen to RM8.57, with 856,000 shares traded.
According to a filing with Bursa Malaysia yesterday, the bank’s net profit rose by 10.7 per cent year-on-year (y-o-y) to RM2.27 billion in 1Q23 from RM2.05 billion in 1Q22, driven by the continued improvement in asset quality as well as treasury and market gains that supported the group’s net operating income.
Meanwhile, revenue rose to RM14.78 billion from RM11.42 billion previously.
Maybank said despite the challenging global economic environment, its net operating income for the quarter rose to RM6.32 billion on the back of a 12.4 per cent y-o-y increase in non-interest income to RM1.53 billion, aided by the gains in derivatives and foreign exchange as well as investment and trading.
"This was, however, negated by a lower net fund-based income of two per cent as net interest margin declined by 15 basis points (bps) y-o-y as a result of intense deposit competition.
"Overhead cost was higher at RM3.05 billion compared with RM2.73 billion a year earlier, due to an increase in personnel cost owing to higher provisioning for the recently concluded collective agreement, as well as information technology, marketing and revenue-related expenses,” it said - BERNAMA
