CNA – Malayan Banking Bhd (Maybank) said it will raise the target of its sustainable financing to MYR80bil and commit to improving the lives of two million households in Asean.
It said this was owing to the strong progress in meeting its initial targets of providing sustainable financing of MYR50 billion and aiding one million households.
“In line with the group’s aspiration to become the leader in sustainability in the region, Maybank continued to record strong progress in its sustainable finance target, clocking MYR34 billion in the last two years, well ahead of the target to achieve MYR50 billion by 2025.
“Similarly, under its commitment 2, Maybank had also benefitted almost 900,000 households across Asean through its community programmes, compared to the target of one million households by 2025,” it said in a statement.
The banking group, Southeast Asia’s fourth largest by assets, said it would also enhance its engagement with clients to discuss and support their transition and decarbonisation, as it continues to support economic growth in the countries it operates.
In its latest quarter, Maybank reported an improved net profit of MYR2.17 billion in 4QFY21, up from MYR2.06 billion in 4QFY21.
For the quarter under review, the group’s earnings per share came to 17.98 sen as compared with 17.32 sen in the comparative quarter. Recognition for good performing vehicles in market
The group reported that revenue was improved to MYR14.51 billion from MYR11.26 billion in the previous corresponding quarter.
Over the entire financial year, the group’s net profit was MYR8.23 billion, which compares with MYR8.1 billion in 2021.
Revenue in 2022 rose to MYR50.91 billion from MYR45.96 billion in the previous year.
Maybank chairman Tan Sri Zamzamzairani Mohd Isa said despite the challenges of 2022, the group made further progress in growing its customer base profitably, while maintaining commendable overall growth evident in the improvement in its fourth quarter results. “We remain focussed on delivering the best customer experience while at the same time fulfilling our ambitions by building trusted and meaningful relationships with our stakeholders.
“We want to continue to create a viable future for all, by embedding sound sustainability practices across all our operations to drive positive change underpinned by our mission of humanising financial services,” he said in a statement.
Group president and CEO Datuk Khairussaleh Ramli added that the commendable growth in the top line reflects the strength and resilience that Maybank has developed in recent years coupled with the competitive advantage gained from its regional presence, diversification and focus on customer experience.
In 2022, Maybank’s net operating income was 8.5 per cent higher year-on-year (y-o-y) at MYR27.62 billion, which was achieved on the back of an 8.4 per cent y-o-y increase in total net fund-based income to MYR20.69 billion.