Consolidated Financial Highlights as of 31 March 2024.
(The figures presented here are the Bank’s financial statements during the first quarter ended 31 March 2024, compared to the same period in 2023, Y-o-Y, unless stated otherwise)

Jakarta, 30 April 2024,

PT Bank Maybank Indonesia, Tbk. (Maybank Indonesia or Bank) recorded a loan growth of 14.0% across all segments of corporate, retail and non-retail loans in the first quarter of 2024. As of 31 March 2024, the Bank’s total outstanding loans grew to Rp122.28 trillion from Rp107.22 trillion.

In 2024, the Bank continued its the implementation of Strategic Programmes (SP) 7 ‘Uplift Indonesia’, which is an integral part of Maybank Group’s M25+ strategy focusing on ‘super growth’ areas covering the Global Banking segment (Large Local Corporation/LLC), non-retail Small Medium Enterprise segment (SME+ and RSME) and retail segment of auto loans. The SP7 also covered areas of improvements through operations optimisation, advancing digital SME, ‘One Maybank go to Market’ initiative and Shariah Wealth offerings, aiming to differentiate and grow through expansion of select key levers.

The implemented strategy has started to deliver results as reflected in the first quarter of 2024 report whereby Global Banking loans grew 18.2% to Rp46.42 trillion from Rp39.29 trillion backed by LLC loans, which grew 5.3% to Rp9.82 trillion from Rp9.33 trillion and Financial Institution Group (FIG) loans grew 86.8% to Rp16.50 trillion from Rp8.83 trillion.

The retail and non-retail loans managed under Community Financial Services (CFS) also grew 11.7% to Rp75.86 trillion from Rp67.93 trillion in the same period last year.

Small Medium Enterprises customer loans portfolio expanded followed by an increase in number of borrowers across the regions in Indonesia. The CFS Non-retail loans grew 14.6% to Rp31.90 trillion from Rp27.83 trillion, supported by the commercial loan segment of Business Banking which grew 19.8% to Rp12.03 trillion from Rp10.04 trillion, followed by growth in the Bank's RSME which grew 12.9% to Rp14.37 trillion from Rp12.72 trillion and SME+ loans segment which grew 8.9% to Rp5.49 trillion from Rp5.05 trillion.

CFS Retail loans booked an increase of 9.6%, owing to continued growth in Mortgage loan by 1.4%, followed by credit cards and personal loans, which grew 20.5%. Pursuant to the Bank’s effort in driving ‘super growth’ in the retail auto loans, the Subsidiaries’ auto loans grew 14.6% to Rp23.54 trillion from Rp20.54 trillion (two-wheeled financing up by 13.7% and four wheeled financing up by 14.9%).

The Bank continued to progress in this segment although the Association of Indonesia Motorcycle Industry (AISI) statistic distribution and the Association of Indonesia Automotive Industries (Gaikindo) Indonesian Automobile Industry Data in March 2024, indicated that the two and four wheeled automotive industry sales decreased by 4.9% and 23.9% respectively.

The growth in total loans also contributed to an increase in the Bank’s total consolidated assets of 10.0% to Rp177.65 trillion from Rp161.54 trillion in the same period last year.

Meanwhile, total deposits were at Rp117.22 trillion in March 2024, increased by 13.1% from Rp103.61 trillion in the same period last year. CASA increased by 8.3% with Current Accounts and Savings Accounts grew by 5.9% and 11.9% respectively. Time Deposits (TD) also rose 18.4% following the trend from the previous quarter. The Bank’s CASA Ratio remained healthy at 49.7% as of March 2024.

The Bank’s asset quality remained sound. Non-Performing Loan (NPL) ratio improved to 2.7% (gross) and 1.7% (net) in March 2024 from 3.4% (gross) and 2.3% (net) in March 2023. The NPL ratio in March 2024 also improved from 2.9% (gross) and 1.9% (net) December 2023.

In March 2024, the NPL balances decreased by 10.1% Y-o-Y and decreased 3.3% from December 2023 (YTD). Loan at Risk (LAR) in March 2024 improved to 8.3% from 12.1% in March 2023. LAR also improved from 8.9% in December 2023.

In the first quarter of 2024, the Bank booked higher interest income of 10.7%. However, due to higher cost of funds, this led to a decrease in the Bank's Net Interest Income (NII) by 3.0%. Net Interest Margin (NIM) contracted by 61 bps Y-o-Y. 

Fee-based income was registered lower at Rp370 billion in the first quarter of 2024 from Rp574 billion due to weakening Rupiah, impacted by changing trends and projection in global interest rates movement and geopolitical influence as well as lower asset recovery.

On overhead expenses, the Bank continued to make significant investment to enhance IT capability and capacity, including several strategic areas in line with M25+ initiatives in the first quarter of 2024 to drive digitalisation and technology modernisation. As a result, the Bank overhead cost grew 4.2% Y-o-Y.

The Bank recorded a Pre-provisioning Operating Profit (PPOP) of Rp609 billion. However, the Bank took a proactive approach to set aside provision expenses at Rp873 billion for specific corporate accounts which may potentially face asset quality deterioration. Nevertheless, provision amount is isolated and not systemic. Consequently, the Bank recorded a Consolidated loss of Rp265 billion before Tax ended 31 March 2024. The loan loss coverage across non-performing loans improved from 95.1% in March 2023 to 133.2% in March 2024.

As of March 2024, Loan to Deposit (LDR) ratio was at 88.7% and Liquidity Coverage Ratio/LCR (Bank only) remained at a healthy level of 210.8%, well above the regulatory requirement of 100%.

Common Equity Tier 1 (CET 1) Ratio remained strong at 24.5% in March 2024.

Shariah Business Unit

The Shariah Business Unit continued to record growth in assets by 4.1% to Rp41.22 trillion from Rp39.61 trillion, backed by significant increase in the business unit’s financing, which grew 28.8% to Rp31.88 trillion from Rp24.74 trillion from Corporate and SME financings. The Shariah Business Unit’s financing growth contributed 29.3% to the Bank’s standalone financing.

The Shariah Business Unit’s Total Income after Revenue Sharing Distribution was booked lowered at Rp320 billion compared to Rp369 billion in the same period last year owing to high cost of funds.

Other Operating Income (fee-based) improved by 35.5% to Rp49 billion from Rp36 billion which was primarily driven by the recent introduction of a well-rounded shariah-compliant investment solution ‘Maybank Shariah Wealth Management/MySWM’ in the third quarter last year. The MySWM solution is a market-first solution by Maybank.

Deposits also grew 11.9% to Rp34.72 trillion from Rp31.03 trillion with its CASA rising by 10.8%, backed by higher growth in Savings Account by 26.3% while Current Account eased by 4.9%.

Time Deposit also rose 13.0% following its upward trend from the previous quarters. CASA ratio remained stable at 48.9% in March 2024 from 49.4% in March 2023.

Digital Banking

In the first quarter of 2024, the digital banking platform for retail customers, M2U, registered a rise in transactions by 16.5% to approximately 5.6 million from more than 4.8 million transactions last year. Transaction value grew 15.2% to more than Rp30.80 trillion from Rp26.77 trillion in the same period last year. Customer deposits acquired through the platform grew 39.2% to more than Rp8.90 trillion.

The M2U QR Pay and QR Cardless Withdrawal features registered an increase of 109% in transactions, with its value reaching more than Rp156 billion.

Meanwhile, the Bank’s digital platform for corporate customers, M2E, registered more than 1.08 million transactions last year, with transaction value booked at Rp200.91 trillion, grew 10.4% from Rp181.92 trillion. Current account balance from M2E user also grew 8.6% to Rp27.49 trillion, from Rp25.36 trillion in the previous year, contributing to the Bank’s overall funding balance.

In the same period, the Bank also introduced Digital Credit Card features in M2U, enabling customer to apply Credit Card online and redeem TREATS loyalty points through the digital banking platform.

Moreover, the Bank was awarded with ‘The Most Satisfying KBMI 3 Bank in Mobile Banking’ and ‘Satisfaction, Loyalty & Engagement 2024’ from Infobank and Marketing Research Indonesia. The awards serve as testament of Maybank Indonesia’s continuous efforts in delivering hyper-personalised digital banking experience.

Acting President Director Maybank Indonesia, Steffano Ridwan said that in the first quarter of 2024, the Bank’s profitability was impacted by high provisioning as a result of being proactive for specific corporate accounts. This move is proactive and isolated in nature.

“On the positive front we were able to book loan growth of 14.0% across all segments in the first quarter 2024, and the momentum is positive.”

“The implementation of our ‘super growth’ strategy has demonstrated promising results, we will fortify our efforts along with the M25+ strategy ensuring sustainable growth moving forward. The strategies include key priorities focusing on delivering customer needs through customer-centric approach, driving digital SME, productivity improvement and strengthening our ‘One-Maybank go to Market’ synergy among Maybank entities in Indonesia, in efforts to broaden our offerings to customers. Our recent introduction of shariah wealth offerings has also shown positive traction, and we aim to continue with specific market penetration effort.”

President Commissioner Maybank Indonesia, Dato' Khairussaleh Ramli said that in the short term, Maybank Indonesia has taken steps to strengthen its fundamentals.  

“On a mid-term strategy, Maybank Indonesia will continue to focus on improving its franchise across all key business areas. This will enable Maybank Indonesia to accelerate growth via its identified business drivers under M25+ strategy with the aim to create sustainable value creations for all its stakeholders moving forward.”

Subsidiaries

PT Maybank Indonesia Finance (Maybank Finance)

Following the Bank’s ‘super growth’ effort to strengthen its retail financing portfolio, particularly, in auto loan through active engagements with the customers as ‘One-Maybank’, Maybank Finance’s four-wheeled financing grew 11.8% to Rp7.44 trillion in the first quarter of 2024 from Rp6.65 trillion in the same period last year.

Maybank Finance booked Profit before Tax (PBT) of Rp135 billion in March 2024 as well as March 2023 owing to provisioning. NPL was stable at 0.2% (gross) and 0.1% (net) in March 2024 and March 2023.

PT Wahana Ottomitra Multiartha Tbk (WOM)

In the first quarter of 2024, WOM also booked an increase of13.7% in its two-wheeled vehicle financing to Rp6.22 trillion from Rp5.47 trillion, resulted from alignment within ‘One-Maybank’ entities in Indonesia.

********************

Notes to Editor

Maybank Indonesia is one of the leading banks in Indonesia and is a part of the regional and international network of the Maybank Group. Maybank Indonesia provides a comprehensive range of products and services for individual and corporate customers through Community Financial Services and Global Banking and automotive financing through subsidiaries, WOM Finance for two-wheel vehicles and Maybank Finance for four-wheel vehicles. Maybank Indonesia also continues to develop Digital Banking services and capacity through M2U (App and Web), M2E for corporate customer and other various channels.

As of March 2024, Maybank Indonesia has 327 branches, including Shariah branches spread across Indonesia, including one overseas branch in Mumbai, India, 22 Mobile Branch and 734 ATMs (including 26 Cash Recycle Machines/CRMs) connected with over 20,000 ATMs available through ATM PRIMA, ATM BERSAMA, ALTO, CIRRUS, and connected to 3,500 Maybank ATMs in Singapore, Malaysia and Brunei. Maybank Indonesia manages customer deposits amounting to Rp117.22 trillion and has total assets value of Rp177.65 trillion as of March 2024.

For more information:

Tommy Hersyaputera
Head, Corporate & Brand Communications
Email: ccommunications@maybank.co.id  
Telp: +6221 2922-8888