The increase in both measures came from gradual economic improvements in the first half that contributed to an increase in loan demand. The figures were mostly the result of reduced loan provisions due to improved loan quality and supported by loan growth, a lower cost of funds and well-maintained overhead.

The bank’s net interest income (NII) stood at Rp 3.48 trillion in the first half, backed by growth in retail and corporate loans, a lower cost of funds and strong growth in CASA, resulting in the bank’s net interest margin (NIM) expanding 18 bps to 4.6 percent in the period. 

The bank registered fee-based income, excluding global market fees, of Rp 818 billion, up 5.2 percent from the previous year’s Rp 777 billion, attributed to loan and retail-business-related fees and fees from subsidiaries. However, the bank's global market fees declined 69.2 percent due to the global interest rate environment and volatile markets, resulting in a decrease in total fee income by 8.4 percent year on year (yoy).

As business and trade activities resumed in the first half of 2022, the bank's total outstanding loans grew 8.1 percent to Rp 106.81 trillion, up from Rp 98.80 trillion in the previous year. This was the first increase in loans since the pandemic, led by the Global Banking segment, which grew 16.7 percent to Rp 42.09 trillion from Rp 36.07 trillion in the previous year. In addition, the Global Banking segment grew 19.4 percent quarter to quarter (qtq).

The bank remained conservative in its approach to ensuring that asset quality remained sound by setting aside preemptive provisioning across all business segments, including for shariah financing, while continuing to monitor its loan portfolios. Following the improvements in the overall economic outlook, the bank saw a decrease in provisions for impairment losses by 32.6 percent to Rp534 billion, resulting from the bank's continued success in its restructuring efforts in particular, for customers’ loans impacted by the pandemic. Maybank Indonesia’s Shariah Banking Unit's operating profit before provision increased 11.1 percent to Rp 382 billion as financing grew 5.3 percent to Rp 26.04 trillion from Rp 24.74 trillion, and a lower cost of funds prevailed as CASA grew significantly.

The bank's digital banking platform, M2U, registered an increase in transactions of 18.2 percent to approximately 8.6 million in the first half of 2022, from more than 7.3 million transactions in the previous year. The transaction value grew 23.7 percent to Rp 44.95 trillion from Rp 36.33 trillion in the previous year, followed by 600 percent growth in new customer acquisitions through the digital platform.

In the first half of 2022, Maybank Indonesia won a number of awards, namely the Asia Top 15 In-House Teams 2022 award by the Asian Legal Business (ALB) organization, the Best Retail Bank for Digital CX – Indonesia award by Digital Banker and the Best Responsibility of the Board award during the 13^th IICD Corporate Governance Award session by the Indonesia Institute for Corporate Directorship (IICD) to name a few. In addition, the bank was also awarded a Digital Banking Award 2022 by Investor Magazine.

Maybank Indonesia president director Taswin Zakaria said, "We are pleased to announce our strong growth in revenue as the market continued to regain its momentum in the first half of 2022 and we were able to chart loan growth across most segments. We will continue with our strategies and initiatives in ensuring sustained growth in our loan portfolios.”

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