Petaling Jaya: Malayan Banking Bhd (Maybank) posted a 17.5% increase in net profit for the financial year ended December 31, 2023 (FY2023) to RM9.35 billion compared to RM7.96 billion in FY22.
Maybank said in a filing with Bursa Malaysia today that its revenue increased to RM64.47 billion from RM49.42 billion previously.
For the fourth quarter of 2023 (Q4 2023), the Bank’s net profit was RM2.39 billion, up from RM2.21 billion in 4Q22, and its revenue was RM17.13 billion, up from RM15.03 billion. increased to 1 million ringgit.
However, it noted that the group’s net interest income and Islamic banking income for FY2023 decreased by RM860.7 million or 4.1% to RM20.37 billion compared to FY2022.
Maybank announced that its insurance/takaful services performance for FY23 increased by RM338.4 million or 159.9% to RM550.1 million compared to FY22.
Other operating profit for FY23 was RM7.99 billion, an increase of RM3.39 billion or 73.5% from RM4.6 billion in FY22.
“The increase was mainly due to lower unrealized mark-to-market losses from derivative revaluation of RM2.4 billion, higher foreign exchange gains of RM1.17 billion, and net investment income of RM319.9 million in FY2023. . ),” said.
However, the bank said this increase was due to lower unrealized mark-to-market gains from revaluation of financial liabilities at fair value through profit or loss of RM2.51 billion, as well as lower realized losses on derivatives in FY23 compared to realizations. It said this was offset by RM60.1 million. Derivative profit for FY22 was 896.1 million ringgit.