MAYBANK’S net profit for the financial year ended Dec 31, 2019 reached a new high of RM8.20 bil, as compared to RM8.11 bil recorded in financial year 2018, lifted by particularly strong fourth quarter (4Q) net earnings.
Revenue rose to RM52.84 bil from RM47.32 bil, the bank said in a filing with Bursa Malaysia today.
The results were also boosted by robust performances by its community financial services, Islamic banking and insurance & takaful segments, the bank said.
For the fourth quarter ended Dec 31, 2019, Maybank’s net profit increased 5.3% to RM2.45 bil from RM2.33 bil, while revenue rose to RM12.98 bil from RM12.23 bil previously.
Maybank chairman Datuk Mohaiyani Shamsudin said that despite the challenging economic environment in 2019, the group’s steady performance reflected its underlying strength and resilience.
“While we are hopeful for a better year ahead, clouds of uncertainty continue to hover, which are expected to impact the global economic outlook in the near term,” he said.
Meanwhile, group president and CEO Datuk Abdul Farid Alias said the group will aggressively seek out selective growth opportunities despite the overall cautious stance that is being seen across markets today, especially with the prevailing concerns over the Covid-19 outbreak and other geo-political issues.
“We will continue to focus on our digital agenda to help deliver greater efficiency and seek additional revenue streams for the future, while maintaining our emphasis on stringent risk and cost management to cushion the group from the uncertainties ahead.
“At the same time, we will closely monitor the situation and ensure that our business continuity initiatives are able to mitigate the impact on our business,” he added. – Feb 27, 2020, Bernama
