KUALA LUMPUR, Oct 27 (NNN-BERNAMA) — PT Bank Maybank Indonesia Tbk’s profit after tax and minority interest (PATAMI) was unchanged at 1.1 trillion rupiah (US$75.07 million, US$1 = 14,651 rupiah) for the nine months ended Sept 30, 2020, compared with the previous corresponding period.
Disciplined cost management, coupled with solid growth in Shariah business and improvement in the recurring fee-based income helped to offset the impact from market volatility, disruption and reduction in loans as a result of the COVID-19 outbreak, Maybank Indonesia president commissioner and group president and chief executive officer Abdul Farid Alias said in a statement.
“The bank is encouraged that despite the challenging nine months of this year, it has managed to maintain a steady performance and demonstrated its resilience to the impact from the pandemic.”
He said while the outlook continued to remain uncertain, the bank believed that the substantial capital and liquidity buffers Maybank Indonesia has built will help it navigate the challenges in the coming quarter.
“Our experience so far has also given us the opportunity to re-shape our business while our emphasis on building our digital capabilities has provided us the platform to serve our customers better in the new normal, and is expected to provide us additional revenue streams in the future,” he said.
Maybank Indonesia’s non-performing loan level was 4.3 per cent (gross) and 2.8 per cent (net) as of September 2020 compared with 2.6 per cent (gross) and 1.5 per cent (net) in the same month in 2019, due to lower loans balance in September 2020 and impact from the current pandemic on several accounts.
Meanwhile, the bank continues to focus on its digital transformation to improve and enhance its digital banking services.
Although still at the early stage of the journey, the initial enhancements in digital banking services have started to show promising results in terms of customer acquisition, as well as number and volume of transactions.
“Monetary transactions conducted through the Maybank2U (M2U) app increased 132 per cent to 7.8 million transactions in the first quarter to the third quarter of 2020, while over 60,000 new savings/deposits accounts were opened and over 76,000 accounts signed-up for M2U.
On Shariah banking, the bank recorded a higher profit before tax of 35.1 per cent to 332.2 billion rupiah despite the challenging market conditions, driven by its continuous focus on building an efficient funding base which led to a general reduction of high-cost deposits.
— NNN-BERNAMA