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Maybank Indonesia profit grows 15.4% to Rp 2.35 trillion in 2023
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T Bank Maybank Indonesia, Tbk. (Maybank Indonesia) disclosed its consolidated financial results for the year ending on Dec. 31, 2023, achieving profit before tax (PBT) of Rp 2.35 trillion, marking a robust 15.4 percent increase from Rp 2.04 trillion in the previous year.
Additionally, profit after tax and minority interests (PATMI) surged 18.5 percent to Rp 1.74 trillion from Rp 1.47 trillion.
The notable growth in PBT is attributed to improved operating income driven by enhanced loan yields and asset composition, particularly in the retail and retail small and medium enterprise (RSME) segments, as well as its Sharia Banking unit. This progress reflects the positive economic momentum and increased public consumption observed throughout 2023 in Indonesia.
Financial highlights
- Net interest income (NII) increased 3.7 percent due to higher-yield assets and improved asset earnings composition, resulting in a slight uptick in net interest margin (NIM) to 5.0 percent.
- Fee-based income surged 15.6 percent, with Global Markets (GM) transaction fees rising 33.6 percent and non-GM fees increasing 14.1 percent.
- Total outstanding loans grew 7.6 percent to Rp 116.00 trillion, driven by growth in Community Financial Services (CFS) retail and non-retail loans.
- Customer deposits expanded 9.3 percent to Rp 115.50 trillion, with current account savings account (CASA) growing 8.6 percent and maintaining a CASA ratio of 51.1 percent.
Shariah banking
Maybank Indonesia's Shariah Banking unit demonstrated remarkable performance, with PBT soaring 66.8 percent to Rp 504 billion.
This growth stemmed from a focus on expanding the financing portfolio and fee income, alongside the introduction of innovative sharia-compliant investment solutions.
Digital platform growth
Maybank's digital banking platforms for retail and corporate customers experienced substantial growth in transactions and values, highlighting the Bank's commitment to providing enhanced digital banking experiences.
Strategic outlook
Maybank Indonesia remains committed to its strategic program SP7, which emphasizes customer-centricity, digital SME support and expansion in the digital ecosystem.
The Bank's focus on productivity improvement, branch optimization and sharia wealth offerings underscores its dedication to long-term business sustainability and growth.
Subsidiaries’ performance
PT Maybank Indonesia Finance (Maybank Finance) and PT Wahana Ottomitra Multiartha Tbk (WOM) both exhibited positive growth trends, reflecting the overall upward trajectory in the automotive financing sector.
Conclusion
President Director Taswin Zakaria expressed satisfaction with the Bank's performance, highlighting the continuous efforts to enhance systems, processes and digital offerings in response to evolving market dynamics.
President Commissioner Dato' Khairussaleh Ramli reiterated Maybank Indonesia's commitment to leveraging regional expertise and delivering exceptional banking services to cater to evolving customer needs, aligning with Maybank Group's vision to be the preferred ASEAN bank.
In conclusion, Maybank Indonesia's robust financial performance for the financial year 2023 underscores its resilience, strategic focus and commitment to driving sustainable growth in the Indonesian banking sector.
