Consolidated Financial Highlights as of 30 September 2024
(All percentages noted are on year-on-year (Y-o-Y) basis unless otherwise stated)

Jakarta, 30 October 2024

PT Bank Maybank Indonesia Tbk (Maybank Indonesia or the Bank) recorded a Profit before tax of Rp562 billion for the third quarter of the financial year 2024, an increase of 44% Y-o-Y. The increase was on the back of higher loan balance and improved fee-based income. For the 9 months ended 30 September 2024, the Bank recorded a profit before tax of Rp845 billion.

The Bank’s 3Q’24 PBT went up by 2.4% compared to 2Q’24 PBT of Rp548 billion, signaling positive progress in the Bank’s earnings following a substantial pre-emptive provisioning made in 1Q’24.  

Interest income for 9MFY’24 grew 10.2% Y-o-Y backed by loan expansion and better productive assets composition. However, interest expense remained high, causing the Bank's Net Interest Income (NII) to lower by 1.5 percentage points. Net Interest Margin (NIM) contracted by 55 bps to 4.5%. NII however, increased in 3Q’24 by 3.1 percentage points compared to 2Q’24 as the Bank continued to optimise low-cost funding.

The Bank recorded fee-based income of Rp1.43 trillion for 9MFY’24, largely stable compared to the same period last year. The Bank’s fee-based income increased by 35.0% in 3Q’24 from 2Q’24, driven by Premier Wealth related fees, subsidiaries’ two-wheeler financing and income from asset recovery.

The Bank's total loans increased by 8.8% to Rp122.37 trillion in September 2024 from Rp112.42 trillion a year earlier. The Bank’s non-retail and retail loans in Community Financial Services (CFS) business units recorded a significant growth of 11.3% to Rp79.80 trillion.

In line with the Bank’s efforts to boost productivity, CFS non-retail commercial loans portfolio of Business Banking recorded a significant growth of 26.2%, followed by SME loans (classified as SME+) which rose 21.6% and Retail SME loans (classified as RSME) also up by 15.8%. The growth was driven by improved productivity across channels, faster speed to market delivery, and stronger collaboration as 'One Maybank.'

Meanwhile, CFS retail loans increased by 5.0% Y-o-Y, supported by Credit Card & Personal Loans, which grew by 15.9%, and subsidiaries’ auto loans which grew 4.3% despite a drop by 11.9% in four-wheeler retail sales nationwide. Housing loans continued its growth momentum, where it recorded an increase of 3.8% as the Government recently extended its subsidised Value Added Tax (VAT) until the end of December 2024. The Bank continued to implement cross-selling efforts among the Maybank conglomeration in line with the ‘One Maybank go-to-market’ approach.

The Bank's corporate loans in Global Banking recorded an increase of 4.5% to Rp42.57 trillion from Rp40.72 trillion. The Large Local Corporate (LLC) loan segment grew 25.5% in line with the Bank’s strategy to focus on this segment. Furthermore, loans in the Financial Institutions Group (FIG) rose 18.3%.

The Bank’s sustainable financing was at Rp22.56 trillion supported by loans focusing on sustainable land use*, which grew 44.1%, and SME which increased by 1.4% Y-o-Y. As at September 2024, the Bank’s renewable energy and eco-friendly transportation loans amount to Rp492 billion. The Bank’s total sustainable financing accounts for 20.6% of the total loans at the Bank level.

Customer deposits increased by 1.2% to Rp115.88 trillion from Rp114.50 trillion, with an 8.8% growth in CASA. Meanwhile, Time Deposit decreased by 6.1% Y-o-Y and 2.7% Q-o-Q in 3Q’24 as the Bank continued to reduce high-cost funding and optimise low-cost funding especially that is acquired through the Bank’s digital platforms. CASA acquired via M2U App and Web grew 35.0%, while CASA from M2E recorded a growth of 3.3%. CASA ratio grew to 52.7% in September 2024 from 49.1% in September 2023.

Overhead costs for 9MFY’24 were higher at Rp4.76 trillion compared to Rp4.42 trillion a year earlier or 7.6% higher Y-o-Y, as we continued to invest in enhancing IT capability, and delivery of several key initiatives in line with Maybank Group M25+ strategy.

NPL ratio improved from 3.2% (gross) and 2.1% (net) in September 2023 to 2.9% (gross) and 1.7% (net) in September 2024, backed by better risk management framework. NPL balances decreased by 3.8% Y-o-Y, while Loan at Risk (LAR) improved to 8.8% in September 2024 from 10.7% the year before.

Loan to Deposit Ratio (LDR) at Bank level stood at a healthy level of 89.5%, and Liquidity Coverage Ratio (LCR) at Bank level was at 181.3%, well above regulatory requirements. Capital position remained strong with Capital Adequacy Ratio (CAR) at 24.8%, and Common Equity Tier 1 (CET 1) at 23.6% as at September 2024.

Maybank Indonesia continued to implement initiatives under Strategic Programme (SP) 7, anchored by the Maybank Group M25+ strategy. The strategic programmes aimed specifically to uplift Maybank Indonesia by focusing on optimising productivity, driving customer-centricity in developing solutions, advancing the ‘One Maybank Go to Market’ initiative, and driving Shariah wealth solution. These initiatives have contributed to improvements reflected in the Bank's income and profitability, and aim to differentiate and grow Maybank Indonesia through the expansion of select key levers.

From July to September 2024, Maybank Indonesia won several awards which served as testament to the Bank’s achievements in innovation and digital advancement. These awards include ‘Wealth Management Platform of The Year – Indonesia’ at the Asian Banking & Finance Retail Banking Awards 2024, and ‘Best Consumer Digital Banks in Asia-Pacific' by Global Finance. The Bank also acquired awards in human capital management, with 11 awards from ‘HR Excellence Awards 2024’ including ‘Overall HREA Winner’ by Human Resources Online and four awards from ‘Human Capital on Resilience Excellence Awards 2024’ by First Indonesia Magazine.

Moreover, Maybank Indonesia was also recognised as ‘Fortune 100 Indonesia’s Biggest Company in 2024’ by Fortune Indonesia Magazine and recently won 'Indonesia Product Experience of the Year – SME Banking Category' in the Asian Experience Awards 2024 by Asian Business Review.

Shariah Banking

Maybank Indonesia's Shariah Banking financing grew 7.3% to Rp30.98 trillion as at September 2024, up from Rp28.88 trillion in the same period last year. This growth was supported by increased demand for commercial enterprise loans and SME loans. Fee-based income also rose substantially by 21.4% to Rp166 billion, up from Rp137 billion, backed by fees from Shariah-compliant wealth management solutions.

Shariah Banking Customer deposits rose 2.0% to Rp37.10 trillion from Rp36.3 7 trillion. CASA grew 14.2% to Rp19.29 trillion from Rp16.89 trillion, while time deposit dropped by 8.6% Y-o-Y. CASA ratio went up to 52.0% in September 2024 from 46.4% the year before.

As of September 2024, Non-Performing Financing (NPF) ratio remained stable at 2.5% (gross) and 1.8% (net) compared to the same period a year before, while the Financing-to-Deposit ratio (FDR) improved to 79.9% from 77.3%.

President Director Maybank Indonesia, Steffano Ridwan, stated that the Bank was able to continually improve its business performance and profitability, supported by healthy growth in loans across all segments and non-interest income, in line with its strengthened business direction.

"Our ongoing focus on enhancing the Bank's core expertise in non-retail commercial and SME segments, as well as our recently deployed corporate loans specifically targeted to the large local corporate sector, have consistently gained strong traction, contributing to the Bank's overall revenue. Additionally, our consumer-centric approach to wealth building, including our Shariah Wealth Management, has boosted our fee income year-on-year," said Steffano.

"We will continue to maintain prudent asset quality management and strengthen the Bank's fundamentals to face future opportunities and challenges, while enhancing our portfolio of solutions and services relevant to customer needs in line with our M25+ strategy," added Steffano.

President Commissioner of Maybank Indonesia, Dato' Khairussaleh Ramli, commented that the Bank has continued to improve its performance across all its core businesses, and will stay focused in the execution of strategic initiatives to boost its performance sustainably.

"Anchored on our M25+ strategy, Maybank Indonesia will continue to strengthen its performance across all business segments aiming to create value for all its customers and stakeholders moving forward," he said.

Subsidiaries

PT Maybank Indonesia Finance (Maybank Finance)

Despite a drop in four-wheel automotive retail sales by 11.9%, Maybank Finance booked a slower decrease in financing by 3.3%.  However, Maybank Finance reported an increase in PBT by 5.0% to Rp426 billion in 9MFY’24 from Rp406 billion a year before backed by better financing portfolio.

NPL was at 0.3% (gross) and 0.1% (net) in September 2024 compared to 0.2% (gross) and 0.1% (net) the year before.

PT Wahana Ottomitra Multiartha Tbk (WOM)

WOM two-wheeler financing grew 5.3% to Rp6.27 trillion as at September 2024, from Rp5.95 trillion a year before. This is despite the national retail two-wheeler sales only growing 3.2% in 3Q’24 according to the Indonesian Motorcycle Industry Association (AISI).

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Note:
*) Pursuant to No.51/POJK.03/2017, category known as‘Management of Biological Natural Resources and Sustainable Land Use.'

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 September 2024, Maybank Indonesia has 318 branches, including Shariah branches spread across Indonesia, including one overseas branch in Mumbai, India; 22 Mobile Branch and 738 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 Rp115.88 trillion and has total assets value of Rp189.32 trillion as of September 2024.

For more information:

Bayu Irawan
Head, Corporate Communications
Email: ccommunications@maybank.co.id  
Telp: +6221 2922-8888