Consolidated Financial Highlights as of 30 September 2023

(All percentages noted are on year-on-year (Y-o-Y) basis unless otherwise stated)

PT Bank Maybank Indonesia, Tbk. (Maybank Indonesia or the Bank) recorded Profit before Tax (PBT) of Rp1.66 trillion for nine months ended 30 September 2023 (9MFY23), up by 11.8% from Rp1.48 trillion in the same period last year.

The positive growth in PBT was derived from better earnings in the Bank’s loan composition, particularly from the retail and Retail Small-Medium Enterprise (RSME) loans following a continual lift in public consumption. The Bank also registered better asset quality as the economy continued to stabilise, leading to lower loan loss provision.

The Bank’s Net Interest Income (NII) improved by 4.8% backed by better earnings in line with an increase in average loan balances of 4.0%. Net Interest Margin (NIM) improved by 23 bps to 5.0% in September 2023 and the Bank’s Profit after Tax and Minority Interest (PATAMI) was at Rp1.25 trillion, increased by 17.1% from Rp1.06 trillion last year.

Growth in fee-based income for the Bank was driven by Global Markets which increased by 60.4% to Rp139 billion from Rp86 billion during the first nine months of 2023. In addition, the Bank also recorded fee-based income growth from the Bank’s non-Global Markets business by 4.7% to Rp1.29 trillion from Rp1.23 trillion deriving from asset recovery fees (bank only), which increased by more than 5 (five) times to Rp261 billion. Credit card related fees improved by 18.8% concurrently lifted by loan and retail business related fees. The Bank’s total fee-based income therefore grew 8.3% to Rp1.43 trillion from Rp1.32 trillion.

Stable economy and improved public consumption in 9MFY23 have contributed to the Bank’s asset growth, which increased by 3.2% to Rp170.05 trillion backed by financial investments which rose 16.7% to Rp35.74 trillion from Rp30.63 trillion.

The Bank’s Community Financial Services (CFS) comprising of Retail and Non-retail loans grew 8.9% to Rp71.70 trillion from Rp65.81 trillion Y-o-Y and 3.3% Q-o-Q.

The Bank’s CFS Retail loans segment registered an increase of 13.3% to Rp42.75 trillion from Rp37.74 trillion primarily from subsidiaries' auto loans, which grew 23.9% and credit card & personal loans up by 21.5%. This segment was also able to book growth of 3.0% Q-o-Q.

The Bank’s small to medium business portfolios were able to leverage the growth momentum under the Bank’s CFS Non-retail loans, recording an improvement of 3.1% to Rp28.95 trillion from Rp28.07 trillion. The Bank’s RSME loans booked higher growth of 6.2% to Rp13.39 trillion from Rp12.61 trillion and high-tier commercial loan (classified by the Bank as Business Banking) grew 2.6% to Rp10.58 trillion from Rp10.31 trillion. However the Small-Medium Enterprise loans (classified by the Bank as SME+) eased by 2.3% due to tight competition in the segment.

The CFS Non-retail loan segment recorded 3.7% growth Q-o-Q comprising RSME and the Business Banking loan portfolios, which grew 5.4% and 2.6% Q-o-Q respectively. The Bank seeks to maintain the growth momentum in its non-retail portfolio in the upcoming quarters.

The Bank’s corporate loan portfolios experienced some adjustments from loan re-profiling to tighter competitions, leading to a decline of 10.8% Y-o-Y in the Bank’s Global Banking segment. However, positive growth in retail and non-retail segments was able to offset this accordingly, leading to a booking of Rp112.42 trillion in the Bank’s total outstanding loans for the first nine months of 2023, which grew almost 1% from Rp111.45 trillion in the same period last year.

The Bank’s total customer deposits grew 7.0% to Rp114.50 trillion from Rp107.00 trillion as Time Deposits increased by 12.9% continuing its trends from the previous quarter. The Bank’s Current Account and Savings Account (CASA) also registered a growth of 1.5% with Current Accounts up by 4.5%, while Savings Account eased by 2.8%. The Bank’s CASA ratio was at 49.1% in September 2023.

The Bank’s overheads was at Rp4.42 trillion, increased by 6.0%, as the Bank continued to intensify its human capital capabilities with future-ready skills and improvements in business productivity through strategic hiring and training, investing in modernised IT infrastructure and cybersecurity while staying the course of M25+ strategy.

The continued close monitoring and control of credit supported by better business climate has contributed to improved asset quality. The Bank’s provisions dropped by 6.9% and recorded a decrease in NPL balances by 4.4% and Loan at Risk ratio (LAR Bank only) improved to 10.7% in September 2023 from 13.4% in September 2022.

For the same period, the Bank's consolidated Non-Performing Loan (NPL) ratio improved to 3.2% (gross) and 2.1% (net) from 3.5% (gross) and 2.5% (net).

Loan to Deposit (LDR) ratio (Bank only) was at 83.9% in September 2023 compared with 90.2% in September 2022 and Liquidity Coverage (LCR) ratio (Bank only) remained healthy at 222.3% in September 2023, exceeding the regulator's minimum level of 100%.

The Bank's Capital Adequacy Ratio (CAR) remained strong at 28.2% with total capital of Rp29.13 trillion at the end of September 2023.

Shariah Banking Unit

Maybank Indonesia's Shariah Banking Unit recorded a significant increase in PBT, surging by 66.7% to Rp369 billion from Rp221 billion. 

The Shariah Banking Unit registered higher operating income of 68.5% owing to increase in financing and fees. Financing increased by 3.2% to Rp28.88 trillion from Rp27.98 trillion, supported by the Shariah Business Unit's SME, Corporate Banking and green financing segments. The Shariah Banking Unit also registered a growth of 15.7% in fee-based income due to increase in GM related fees.

Provisioning costs continued to taper by 51.9%, resulted from the Shariah Banking Unit pre-emptive provisioning effort made in the previous years, which also contributed to the increase of PBT.

Assets grew 6.1% to Rp42.10 trillion from Rp39.67 trillion contributing to the Bank's total assets (Bank only) by 26.7% in September 2023 from 25.7% in September 2022, the highest in the industry. 

Customer deposits also rose substantially by 20.5%, mainly driven by higher growth in CASA of 36.3% to Rp16.89 trillion from Rp12.40 trillion. Time Deposits, however, grew 9.5% to Rp19.48 trillion from Rp17.79 trillion following the previous quarter's trend. Shariah Banking Unit's CASA ratio improved, achieving 46.4% in September 2023 from 41.1% in September 2022.

Non-Performing Financing (NPF) ratio up by 2.4% (gross) and 1.8% (net) in September 2023 compared to 3.0% (gross) and 2.4% (net) in September 2022. Financing to Deposits (FDR) Ratio was at 77.3%.

As part of Maybank’s Group-wide effort in achieving true global Islamic banking leadership, Maybank Indonesia’s Shariah Banking Unit recently launched a fully integrated wealth proposition Shariah Wealth Management which offers customers Shariah-compliant investment solutions covering the financial, social and spiritual aspects.

Growth in Digital Platform

Maybank Indonesia’s digital banking platform for retail customers, M2U, registered an increase in transactions of 17.7% to approximately 15.3 million in nine months of 2023 from more than 13.0 million transactions in the same period last year. The M2U transaction value also grew 16.2% to Rp82.56 trillion from Rp71.05 trillion followed by 27.6% growth of third-party funds acquired through M2U.

In the third quarter of 2023, Maybank Indonesia continued to enhance its customers’ digital banking experience via M2U, as a one-stop financial solution with additional features such as e-wallet top-ups.

Meanwhile, the Bank’s digital banking platform for corporate customers, M2E, registered an increase in transactions of 0.7% to more than 3.19 million from 3.17 million transactions in the same period last year, with a total value of financial transactions on M2E at Rp575.09 trillion in nine months of 2023, grew 8.9% from Rp528.15 trillion. The total M2E active users also increased by 7.4% to 3,143 users from 2,926 users, contributing to an increase of corporate funding by 8.1% to Rp26.05 trillion from Rp24.09 trillion.

President Director Maybank Indonesia, Taswin Zakaria said Maybank Indonesia remains committed to support its customers through enhanced banking experience while maintaining strong business performance across its broad business segments, as well as continual improvement in the Bank’s asset quality.

"The overall economy in Indonesia in the first nine months of 2023 continued to have positive trajectory, propelled by strong domestic demands for goods. This factor has led to strong growth in our consumer retail loan and SME loan business portfolios. Moving forward, we wish to grow sustainably with added focus on driving the Bank’s fundamentals and advancing our digital capabilities. This will further accelerate our solution delivery to retail and SME customers. Additionally, we will continue to leverage our strong Shariah market footprint through our diverse Shariah Wealth Management capabilities."

President Commissioner Maybank Indonesia, Dato' Khairussaleh Ramli said Maybank Indonesia continues to deliver positive growth across its wide business portfolio while ensuring sustainable long-term growth for all its stakeholders. 

"In our quest to strengthen our position in ASEAN, we will actively support our operations in Indonesia as it is a key home market for the Maybank Group. This will be implemented meticulously by driving enhanced customer centricity and accelerating our digital capabilities to truly uplift our customers’ banking experience while championing sustainability initiatives and serving the communities through our ESG (Environment, Social and Governance) goals."

Subsidiaries

PT Maybank Indonesia Finance (Maybank Finance)

The four-wheeled automotive industry has continued its growth in the first nine months of 2023, following an increase in public consumption, leading to Maybank Finance’s four-wheeled financing to grow by 18.4% to Rp7.15 trillion from Rp6.04 trillion in the same period last year.

Maybank Finance’s PBT was at Rp406 billion, moderately eased by 0.7% from Rp409 billion owing to provisioning. NPL remained stable at 0.2% (gross) and 0.1% (net) in September 2023 from September 2022.

PT Wahana Ottomitra Multiartha Tbk (WOM)

WOM registered an increase of 5.0% in PBT to Rp179 billion from Rp171 billion in the same period last year following a continual improvement in consumer purchase power, which led to higher demands for two-wheeled vehicle financing.

WOM's financing grew 24.5% to Rp5.95 trillion from Rp4.78 trillion. WOM’s NPL ratio stood at 2.4% (gross) and 1.1% (net) in September 2023 from 1.7% (gross) and 0.7% (net) in September 2022.