Company DigestFundingLast updated: 26 February 2025

Maybank's FY2024 Net Profit Rises Nearly 8% to RM10.09 Billion as Full-Year Dividend Reaches 61 Sen

Malayan Banking Bhd (Maybank) has announced its financial results for the financial year ended 31 December 2024 (FY2024): net profit rose nearly 8% to RM10.09 billion, fourth-quarter net profit grew 6% to RM2.53 billion, and the board declared a dividend of 32 sen per share, bringing the total FY2024 payout to 61 sen per share. Net interest income increased 2.0% to RM19.69 billion on 5.3% loan growth, while non-interest income climbed 23% to RM9.88 billion.

Loan paperwork beside a calculator and pen

FY2024 results: net profit up nearly 8%

KUALA LUMPUR, February 26, 2025 — Malayan Banking Bhd (Maybank) has published its results for the financial year ended 31 December 2024. The group reported growth across its core income lines, with profitability, lending and fee-based businesses all contributing. Corporate announcements and investor materials of the group are published on the company website at https://www.maybank.com/.

For the full year 2024, the key reported figures are as follows:

net profit — RM10.09 billion, up nearly 8% against FY2023;
net interest income — RM19.69 billion, up 2.0%;
non-interest income (fees, commissions and insurance earnings) — RM9.88 billion, up 23%;
gross loans — up 5.3% over the year;
return on equity — 11.1%.

The combination of steady net interest income and a sharp rise in non-interest income lifted the top line, while disciplined cost and asset-quality management supported the near-8% increase in net profit to RM10.09 billion.

Fourth quarter and dividend

For the three months ended 31 December 2024, net profit reached RM2.53 billion, up 6% year on year, supported by higher net interest income and insurance earnings. The board declared a dividend of 32 sen per share for the quarter; together with earlier distributions, the total payout for FY2024 stands at 61 sen per share.

Income drivers and margin

Net interest income of RM19.69 billion reflected a 2.0% increase over the previous year, underpinned by 5.3% growth in gross loans. The strongest momentum came from non-interest income: fees, commissions and insurance earnings rose 23% to RM9.88 billion, making this the fastest-growing component of the group's revenue mix.

At the same time, the net interest margin contracted by 10 basis points to 2.05%, a reminder that the growth in interest-earning assets was achieved in a competitive pricing environment for deposits and lending.

Asset quality and capital

The group ended 2024 with improved asset quality and a capital position that remains well above regulatory requirements:

gross impaired loans ratio — 1.23%, improved from 1.34% in 2023;
common equity tier 1 (CET1) ratio — 14.9%, versus 15.3% in 2023.

The reduction in the gross impaired loans ratio indicates better management of credit risk across the loan book, while the CET1 ratio, though slightly lower than a year earlier, leaves the group with a substantial capital buffer to support lending growth and distributions.

2025 priorities: super growth areas and a higher returns target

For 2025, the group has set a return on equity target of 11.3% and above, against the 11.1% achieved in 2024. Management intends to reach it by concentrating on what it calls "super growth areas", while keeping its home markets of Malaysia, Singapore and Indonesia at the centre of the strategy. The priority segments for the year are:

wealth management;
the mid-market segment;
non-retail banking;
bancassurance.

Commenting on the results, group CEO Datuk Khairussaleh Ramli said: "We continue to see good traction across our core businesses, collectively strengthening our top line growth. At the same time, we better manage our asset quality and overheads."