KUALA LUMPUR: PT Bank Maybank Indonesia Tbk’s (Maybank Indonesia) profit after tax and minority interests surged 21.6 per cent to 2.2 trillion rupiah on the back of higher net interest income and continued improvement in asset quality.
Maybank Indonesia president commissioner and Maybank group president and chief executive officer Datuk Abdul Farid Alias said the result was a testament to its commitment towards sustainable business growth.
“It also resulted from our relentless pursuit in ensuring sound asset quality, improved operational efficiency and better overall productivity.
“Although the operating environment continues to remain challenging, we believe that we are poised for further growth in the coming year,” he said in a statement today.
Abdul Farid said the bank’s focus will be on growing its core business segments and further strengthening its digital capabilities.
“We are pleased to be included in the world’s top 500 brands in Brand Finance’s Global 500 Brands, and this achievement will reinforce our commitment and presence in the country,” he added.
Maybank Indonesia saw its net interest income grow 5.2 per cent to 8.1 trillion rupiah in December 2018 compared with 7.7 trillion ripuah in the previous corresponding period.
Its asset quality improved significantly as reflected by lower non-performing loan (NPL) levels of 2.6 per cent (gross) and 1.5 per cent (net) as at December 31, 2018 compared with 2.8 per cent (gross) and 1.7 per cent (net) respectively in the previous year.
The bank sold several legacy NPLs and wrote off legacy NPLs as part of ongoing efforts to streamline its credit portfolio.
It reduced its loan loss provisions by 38.6 per cent to 1.3 trillion rupiah.
Overhead costs remained under control with marginal growth of 4.0 per cent to 6.0 trillion rupiah as a result of sound cost management initiatives across business lines and support units.
Its loans grew 6.3 per cent to 133.3 trillion rupiah from 125.4 trillion rupiah in 2017.
Its total assets increased by 11.2 per cent to 30.2 trillion rupiah, making up 17 per cent of Maybank Group's total assets.
Its total deposits grew 39.7 per cent from 16.7 trillion rupiah to 23.3 trillion rupiah.