Maybank aims to continue leveraging growth opportunities across the region, as well as focus on managing liquidity, costs and risks effectively to ensure sustainable growth for FY2018 and beyond.
Maybank Chairman Datuk Mohaiyani Shamsudin said that at the same time, the Group will maintain efforts to enhance productivity and intensify its digital agenda to leverage of the technological developments taking place within the current operating environment.
Speaking at a press conference after the 58th Annual General Meeting of Maybank (AGM) in Kuala Lumpur today, Datuk Mohaiyani said, “We have built a solid foundation for the future and Maybank remains one of the best capitalized banks in this region, offering one of the highest dividend yields – at 5.6% for FY17. We will continue to work towards creating consistent value for all our stakeholders.”
Meanwhile, Group President & CEO Datuk Abdul Farid Alias said that the Group will focus on a number of key areas in FY2018 to ensure that it can maintain a steady growth path for the future and mitigate any possible external volatility.
“We will be disciplined in managing our net interest margins especially in a rising interest rate environment, and will continue to adopt disciplined pricing of loans under the new MFRS9 environment,” he explained.
He added that the Group will also maintain stable liquidity risk indicators ahead of the adoption of the Net Stable Funding Ratio in 2019, and will manage costs growth effectively with cost-to-income ratio of around 48% for FY2018.
In this regard, Datuk Farid indicated that the Group was aspiring to achieve a return on equity of around 11% for FY2018, from 10.9% in FY2017.
Meanwhile, at the AGM, the shareholders of Maybank approved all the resolutions tabled, which included the following:
- the audited financial statements for the year,
- the Final Single-Tier Dividend of 32 sen per share recommended by the Board, which will once again be under the Dividend Reinvestment Plan.
- re-election of retiring directors namely Mr Edwin Gerungan, Che Zakiah Che Din and Datuk Mohaiyani
- payment of directors’ fees
- the re-appointment of Messrs Ernst & Young as our auditors for another year, and
- granting the authority to directors to issue shares not exceeding 10% of the issued share capital and in relation to the Dividend Reinvestment Plan.
At the Extraordinary General Meeting held following the AGM, the shareholders also approved Permodalan Nasional Berhad’s (PNB) proposed subscription of 20% of the enlarged number of shares in Maybank Asset Management Group Berhad (MAMG Group), for a cash consideration of RM50 million.
Maybank’s wholly owned asset management arm, Maybank Asset Management Group Berhad (MAMG) has recently also proposed to acquire a 100% equity interest in Amanah Mutual Berhad (AMB), for a purchase consideration of RM16.1 million, as well as 100% equity interest in Singapore Unit Trusts Ltd (SUTL), for a purchase consideration of RM34.9 million. This will amount to a total purchase consideration of RM51 million.
Datuk Farid said the proposed acquisition will allow MAMG, which currently focuses on asset management for corporate and institutional clients to move into the retail segment and is in line with Maybank’s objective of being the Top ASEAN Community Bank under its Maybank’s M2020 strategy.