PETALING JAYA: Malayan Banking Bhd (Maybank) posted a higher net profit of RM9.35 billion, an increase by 17.5%, for the financial year ended Dec 31, 2023 (FY23) compared with RM7.96 billion in FY22.
Revenue grew to RM64.47 billion from RM49.42 billion previously, Maybank said in a filing with Bursa Malaysia today.
As for the fourth quarter of 2023 (Q4’23), the bank posted a net profit of RM2.39 billion from RM2.21 billion in Q4’22, while revenue rose to RM17.13 billion from RM15.03 billion.
However, it noted that the group’s net interest income and Islamic banking income for FY23 decreased by RM860.7 million or 4.1% to RM20.37 billion compared with FY2022.
Maybank said its insurance/takaful service result grew by RM338.4 million or 159.9% to RM550.1 million for FY23 compared with FY22.
Other operating income in FY23 was RM7.99 billion, an increase of RM3.39 billion or 73.5%, from RM4.60 billion in FY22.
“The increase was mainly due to lower unrealised mark-to-market loss on revaluation of derivatives of RM2.4 billion, higher foreign exchange gain of RM1.17 billion, and net investment income of RM319.9 million for FY2023, (among others),” it said.
However, the bank said the increase was offset by lower unrealised mark-to-market gain on revaluation of financial liabilities at fair value through profit or loss of RM2.51 billion and realised loss on derivatives of RM60.1 million for FY23 compared with realised gain on derivatives of RM896.1 million for FY22.
