KUALA LUMPUR, Feb 27 ― Maybank's net profit for the financial year ended December 31, 2019 reached a new high of RM8.20 billion, as compared to RM8.11 billion recorded in financial year 2018, lifted by higher fourth quarter (Q4) net earnings.
Revenue rose to RM52.84 billion from RM47.32 billion previously, the bank said in a filing to Bursa Malaysia today.
The results were also boosted by robust performances of its community financial services, Islamic banking and insurance & takaful segments, as well as particularly strong Q4 results, the bank said.
For the fourth quarter ended December 31, 2019, Maybank's net profit increased 5.3 per cent to RM2.45 billion from RM2.33 billion, while revenue went up to RM12.98 billion from RM12.23 billion previously.
Maybank chairman Datuk Mohaiyani Shamsudin said that despite the challenging economic environment during 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 chief executive officer Datuk Abdul Farid Alias said that 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 virus 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 current situation and ensure that our business continuity initiatives are able to mitigate the impact on our business,” he added. ― Bernama
