According to the performance statement, Singapore Malayan Bank's first-quarter net fund-based income (net fund-based income) rose 20.1% year-on-year to RMB 193.07 million, thanks to lower financing costs and callbacks for adjusted real interest...
According to the performance statement, Singapore Malayan Bank's first-quarter net fund-based income (net fund-based income) rose 20.1% year-on-year to RMB 193.07 million, thanks to lower financing costs and callbacks for adjusted real interest rates for term loans. Meanwhile, non-interest income (NOII) fell slightly by 1.6% to RMB 143.51 million as capital transaction income decreased.
Maybank released its results after the market closed on Monday (May 26) and revealed the performance of its Singapore business.
Khairussaleh Ramli, President and CEO of Malayan Bank Group, said: "The global economic outlook remains uncertain, but we expect continued growth in the markets we operate."
Bank Malaya is the fourth largest bank in Southeast Asia and the largest in Malaysia, headquartered in Kuala Lumpur, the capital of Malaysia.
The Group's net operating income increased by 1.8% year-on-year to RM7.710 billion, of which net fund revenue increased by 2.3% year-on-year to 4.95 billion yuan, and the net interest rate (NIM) therefore remained stable at 2.04%; non-interest income increased to RM2.76 billion, due to the improvement in wealth management performance. The statement stated that the group's asset quality overall has been maintained.
Driven by net revenue, Bank of Malaya's group's net profit increased by 4.0% year-on-year to RM2.590 million (S$788 million), and its profit before tax increased by 4.4% year-on-year to RM3.590 million.
Maybank Singapore's first quarter pre-tax profit fell 10.5% year-on-year to RMB 179.39 million due to an increase in overheads and a decrease in impairment allowance write-back, offsetting the increase in fund revenue (i.e., interest income).
