Maybank today said it achieved record results for the financial year ended 31 December 2017 (FY17).
Stronger revenue from all its business segments contributed to the results.
Its key overseas markets also did well.
Significantly lower impairment losses and better management of its assets, liabalities also contributed to the results.
Maybank is the fourth largest bank in South East Asia’s by assets.
The bank said its profit before tax (PBT) breached the RM10 billion mark for the first time.
It reached 14.2% higher at RM10.10 billion, compared with the RM8.84 billion a year earlier.
Net profit also surpassed the RM7 billion level for the first time, rising to a new high of RM7.52 billion.
This was 11.5% more than the RM6.74 billion recorded a year earlier.
For the 4QFY17, PBT came in 1.8% higher at RM2.93 billion from RM2.87 billion in the corresponding year.
Net profit stood at RM2.13 billion compared with the normalised net profit of RM1.74 billion in 4QFY16.
The figures were achieved by eliminating exceptional one-off proceeds from the sale of securities in 2016.
Compared with the preceding 3QFY17, PBT and net profit for 4QFY17 was 9.3% and 5.2% higher respectively.
According to Maybank Chairman, Datuk Mohaiyani Shamsudin, the record performance was achieved in spite of volatility in the external operating environment in 2017.
She credited the bank’s overall strategy for the success.
She said the bank managed risks well, maintained a diversified portfolio, improved efficiency as well as leveraged on digital capabilities.
“This achievement not only underscores our resilience but has also given us a sound platform to sustain the Group’s performance in today’s disruptive environment,” she said.
The Board of Directors has proposed to reward shareholders with a final single-tier dividend of 32 sen per share.
To be made under the Dividend Reinvestment Plan, the proposed dividend will comprise 18 sen per share to be paid in cash.
Together with the 23 sen interim dividend declared earlier, this makes the full year pay-out at RM5.90 billion or 78.5% of net profit and translates into a dividend yield of 5.6%.
The dividend distribution maintains Maybank’s status among banks offering the highest yields in the region.
On the other hand, Group President & CEO, Datuk Abdul Farid Alias said discipline in pricing and a focused execution of business plan helped achieve the record performance.
“This year looks to be equally challenging as 2017 given the volatile markets we saw at the start of the year.
“We remain cautious of sudden shocks to the environment.
“The bank will maintain a prudent approach in pursuing growth by focusing on profitability as well as effective management of costs and liquidity,” he said.
That instead of just pursuing loans growth per se.
He said the bank will continue to see growth opportunities in the different markets it serves.
He said wealth management, digital payments, Islamic banking and insurance are examples.
“We intend to tap into and further strengthen our market share in these segments,” he said.
He added the bank also be relentless in pursuing its digital transformation agenda across its network.
“Especially preparing our employees to keep abreast of the changes that the Industry 4.0 revolution brings.”