Consolidated Financial Highlights as of 31 December 2023.
(All percentages noted are on year on year (Y-o-Y) basis unless otherwise stated)

Jakarta, 27 February 2024

PT Bank Maybank Indonesia, Tbk. (Maybank Indonesia or the Bank) announced its Consolidated Financial Results ended 31 December 2023 with Profit before Tax of Rp2.35 trillion, rose 15.4% from Rp2.04 trillion a year before. Profit after Tax & Minority Interest (PATAMI) increased by 18.5% to Rp1.74 trillion from Rp1.47 trillion.

The increase in PBT was driven by an improvement in the Bank’s Operating Income backed by better loan yields and improved asset composition, particularly in the retail and Retail Small Medium Enterprises loans (classified by the Bank as RSME) segments, and Shariah Banking Unit, as public consumption and economy in Indonesia continued to improve throughout 2023.

Net Interest Income (NII) increased by 3.7% due to higher yield assets and better earnings on assets composition. Net Interest Margin (NIM) increased slightly by 7 bps to 5.0% despite rising cost of deposits. Cost of deposits increased as Bank Indonesia (BI) rate increased throughout the year.

Fee-based income increased by 15.6% to Rp2.03 trillion from Rp1.76 trillion last year as Global Markets (GM) transaction fees grew 33.6% to Rp181 billion from Rp136 billion. In addition, non-Global Markets business also registered increase in fee-based income of 14.1% to Rp1.85 trillion from Rp1.62 trillion, deriving from asset recovery fees which increased by more than 5 (five) times, credit card fees which increased by 22.8% and fees from the two wheeler financing which increased by 5.2%.

The Bank’s total outstanding loans was at Rp116.00 trillion, grew 7.6% from Rp107.82 trillion a year before following a stable business climate and strong consumer purchasing power throughout 2023.

The Bank’s retail and non-retail loans grouped under Community Financial Services (CFS) registered growth of 10.6% to Rp74.28 trillion from Rp67.17 trillion.

CFS Retail loans grew 11.5% to Rp43.47 trillion from Rp38.99 trillion, backed by growth in subsidiaries auto loans, which grew 18.8%, credit card and personal loans grew 20.3%, and a continued growth momentum in mortgage loans by 1.3% Y-o-Y.

CFS Non-retail loans registered an increase of 9.3% to Rp30.81 trillion from Rp28.18 trillion, supported by significant increase in Business Banking loans which grew 12.8% to Rp11.80 trillion from Rp10.47 trillion last year. The Business Banking loans also recorded a growth of 11.6% Q-o-Q.

Moreover, the Retail Small and Medium Enterprises (RSME) loans  grew 9.7% to Rp13.88 trillion from Rp12.65 trillion followed by growth in the Bank’s Small-Medium Enterprises loans (classified as SME+) of 1.6% Y-o-Y.

The Bank’s Global Banking loans grew 2.6% to Rp41.72 trillion from Rp40.65 trillion backed by improved loan disbursement in the Financial Institutions Group (FIG) loans, which increased substantially by 87.9% Y-o-Y. Global Banking loans also registered growth of 2.5% Q-o-Q.

Customer deposits increased by 9.3% to Rp115.50 trillion from Rp105.71 trillion last year as CASA and Time Deposits grew 8.6% and 10.0% respectively. The increase in CASA is derived from growth in Current Accounts by 10.2% and Savings Account which grew 6.1%. The growth in CASA was in line with the Bank’s strategy to optimise low cost funding. Time Deposits also continued to grow by 10.0% following the trend from the first semester of 2023. The Bank’s CASA ratio remained largely stable at 51.1% compared to 51.4% the previous year.

In 2023, Maybank Indonesia continued to step up with various marketing campaigns and invest in modernising IT infrastructures as well as cybersecurity. The Bank also invested in human capital and talent developments to support business growth, resulting in a total increase of 7.2% in the Bank’s overhead costs.

The continued oversight, monitoring and control of credit as well as better business climate has contributed to the improved asset quality. The Bank’s Operating Income after Provision improved by 14.2% as provisioning dropped by 11.9% and NPL loans reduced by 9.8%.

The Bank's Non-Performing Loan (NPL) ratio improved to 2.9% (gross) and 1.9% (net) in December 2023 from 3.5% (gross) and 2.3% (net) in December 2022.

As of December 2023, Loan to Deposit (LDR) ratio was at 96.3% and Liquidity Coverage Ratio (LCR) at a healthy level of 210.2%, well above the regulatory requirement of 100%.

Capital Adequacy Ratio (CAR) remained strong at 27.7% in December 2023 with total capital of Rp29.84 trillion at the end of December 2023.

Shariah Banking Unit

Maybank Indonesia's Shariah Banking Unit recorded a significant increase in PBT, surging by 66.8% to Rp504 billion from Rp302 billion a year before.

Strong PBT growth is due to higher operating income of 68.9% in line with the Shariah Banking Unit’s focus to grow financing portfolio and fee income. Financing increased by 14.4% to Rp30.24 trillion from Rp26.43 trillion, supported by the Shariah Business Unit's SME, Corporate Banking segments and Green Financing initiatives.

As part of Maybank’s Group-wide effort in achieving true global Islamic banking leadership, Maybank Indonesia’s Shariah Banking Unit launched a well-rounded Shariah-compliant investment solution in third quarter 2023, the first bank in Indonesia to introduce ‘Shariah Wealth Management’. The solution has contributed to the Shariah Banking Unit’s other Operating (Fee Based) Income which increased by 27.4% to Rp193 billion from Rp151 billion.

Provisioning costs reduced by 59.6% resulted from the Shariah Banking Unit pre-emptive provisioning effort made in the previous years, which also contributed to the increase of PBT.

Total Assets increased by 2.5% to Rp41.04 trillion from Rp40.04 trillion contributing to the Bank's standalone assets by 25.9% in December 2023, which was the highest in the industry.

Customer deposits increased by 16.7% to Rp35.07 trillion from Rp30.04 trillion last year, supported by higher growth in CASA of 29.3% to Rp18.05 trillion from Rp13.96 trillion comprising of Current Accounts which grew 34.2% and Savings Accounts grew 25.1%. Time Deposits continued to grow by 5.9% following the previous quarter's trend. Shariah Banking Unit's CASA ratio improved, achieving 51.5% in December 2023 compared to 46.5% in December 2022.

Non-Performing Financing (NPF) ratio improved to 2.6% (gross) and 1.8% (net) in December 2023 from 3.0% (gross) and 2.3% (net) in December 2022. Financing to Deposits Ratio (FDR) was at 84.0%.

Growth in Digital Platform

The Bank’s digital banking platform for retail customers, M2U, registered an increase in transactions of 18.0% to approximately 21 million from 17.9 million transactions last year. Transaction value grew 15.0% to Rp113.37 trillion from Rp98.41 trillion. Customer deposits acquired through the platform grew 28.0% to more than Rp8.40 trillion. In addition, more than 164 thousand new saving accounts were opened digitally through M2U.

The M2U QR Pay & QR Cardless Withdrawal features registered an increase of 200% in transactions, with a value reaching more than Rp430 billion. Likewise, over 167 thousand merchants nationwide have utilised Maybank QR Pay facility.

Meanwhile, the Bank’s digital platform for corporate customers, M2E, registered more than 4.25 million transactions, with a value booked at Rp790.62 trillion. This is a growth of 11.1% from Rp711.80 trillion the previous year. Current account balance from M2E user also grew 4.8% to Rp26.34 trillion, from Rp25.13 trillion, contributing to the Bank’s overall funding balance.

In the last quarter of 2023, Maybank Indonesia continued to enhance its customers’ digital banking experience via M2U by introducing gold savings feature in collaboration with PT Pegadaian. The feature enables customer to open account for digital gold investment through the platform, adding more options for customer to invest beside Time Deposit, Mutual Fund and Bonds. This is in line with the Bank’s objective to provide a more complete wealth management solution through the Bank’s digital platform.

Moreover, the Bank received ‘Excellence in Mobile Banking Award’ from Asia Trailblazer in 2023, which serves as a testament of Maybank Indonesia’s continuous efforts in delivering hyper-personalised digital banking experience.

President Director Maybank Indonesia, Taswin Zakaria said Maybank Indonesia has registered positive performance in its financial results at the closing year of 2023, backed by continued growth in the Bank’s assets and better earnings.

"We saw the economy in Indonesia continued to progress on a positive trajectory throughout 2023 with steady market outlook and strong consumer demands for domestic goods and services. We also continued to improve our system and processes as part of our efforts to be more agile in responding to evolving needs, opportunities, and challenges. These factors enabled the Bank to deliver growth in our loan portfolios while continuing to strengthen our fundamentals, ensuring a long-term business sustainability.”

“An integral part of Maybank Group’s M25+ strategy is the Strategic Program SP7, which is focused solely on Uplift Indonesia. SP7 covers key priorities to address customers’ needs through customer-centricity with clear segmentation, driving digital SME and expanding our participation in the digital ecosystem through Bank-as-Service. Furthermore, SP7 also covers productivity improvement through branch optimisation, strengthening synergy among Maybank entities in Indonesia as ‘One-Maybank go to Market’ and accelerating our Shariah wealth offerings to differentiate and grow our business further.”

President Commissioner Maybank Indonesia, Dato' Khairussaleh Ramli said Maybank Indonesia has delivered another commendable achievement as reflected in the Bank’s full-year 2023 results across its business portfolios. 

“Indonesia is one of the key home market for Maybank Group, and is earmarked as one of the growth drivers under our M25+ strategy. As we further strengthen our business, we are fully committed to provide our regional expertise for our franchise in Indonesia to grow while it continues to strengthen its business position domestically. Through this renewed focus, we will address the evolving needs of our customers across various segments by identifying key growth areas, in line with Maybank Group’ aspiration to be the preferred ASEAN bank.”

Subsidiaries

PT Maybank Indonesia Finance (Maybank Finance)

In 2023, the four-wheeled automotive industry has continued its upward trend following improved consumer purchase power. This led to a growth in Maybank Finance’s four-wheeled financing of 8.5% to Rp7.72 trillion from Rp7.12 trillion last year.

Maybank Finance’s PBT was at Rp571 billion, slightly up by 0.9% from Rp566 billion owing to provisioning. NPL was at 0.2% (gross) and 0.1% (net) in December 2023 compared to 0.1% (gross and net) in December 2022.

PT Wahana Ottomitra Multiartha Tbk (WOM)

Following the continual improvement in consumer purchasing power, WOM booked an increase in its two-wheeled vehicle financing of 22.5% to Rp6.15 trillion from Rp5.02 trillion last year.

WOM registered PBT of Rp320 billion, rose 14.3% from Rp280 billion last year. NPL ratio stood at 2.1% (gross) and 0.9% (net) in December 2023 from 1.6% (gross) and 0.7% (net) in December 2022.

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Notes to Editor

Maybank Indonesia is one of the leading banks in Indonesia and is a part of the regional and international network of the Maybank Group. Maybank Indonesia provides a comprehensive range of products and services for individual and corporate customers through Community Financial Services and Global Banking and automotive financing through subsidiaries, WOM Finance for two-wheel vehicles and Maybank Finance for four-wheel vehicles. Maybank Indonesia also continues to develop Digital Banking services and capacity through M2U (App and Web), M2E for corporate customer and other various channels.

As of December 2023, Maybank Indonesia has 337 branches, including Shariah branches spread across Indonesia, including one overseas branch in Mumbai, India, 22 Mobile Branch and 765 ATMs (including 26 Cash Recycle Machines/CRMs) connected with over 20,000 ATMs available through ATM PRIMA, ATM BERSAMA, ALTO, CIRRUS, and connected to 3,500 Maybank ATMs in Singapore, Malaysia and Brunei. Maybank Indonesia manages customer deposits amounting to Rp115.50 trillion and has total assets value of Rp171.80 trillion as of December 2023.

For more information:

Tommy Hersyaputera
Head, Corporate & Brand Communications
Email: ccommunications@maybank.co.id  
Telp: +6221 2922-8888