Consolidated Financial Highlights as of 30 June 2024.
(The figures presented here are the Bank’s financial statements during the first semester ended 30 June 2024, compared to the same period in 2023, Y-o-Y, unless stated otherwise)

Jakarta, 30 July 2024

PT Bank Maybank Indonesia Tbk. (Maybank Indonesia or the Bank) recorded a PBT of Rp548 billion in the second quarter of 2024, an increase of 6.2% Y-o-Y, backed by better business performance as lending grew and lower provisions booked compared to the previous quarter. The PBT for the first semester of 2024 was at Rp283 billion. The performance demonstrated a positive turnaround in the Bank’s profitability following a substantial pre-emptive provisioning made in the first quarter of 2024.  

The Bank continued to focus on expanding its intermediary services of corporate, SME, and retail automotive financing through its 'super growth' strategy supporting Maybank Group’s M25+ strategy, specifically through Strategic Programmes (SP)7 implemented in Maybank Indonesia.

In the first semester of 2024, the Bank booked a double-digit loan growth of 11.9% reaching Rp123.03 trillion compared to Rp109.97 trillion a year ago.

Global Banking loan segment grew by 12.6% to Rp45.64 trillion, up from Rp40.55 trillion last year. Global Banking’s Large Local Corporates (LLCs) registered an increase in loans of 17.0% backed by loans to large local corporations as the Bank leveraged cross-border opportunities as well as strengthening the ‘One Maybank go-to-market’ collaboration in the second quarter of 2024. Meanwhile, loans to the Financial Institutions Group (FIG) increased by 59.1% to Rp15.68 trillion driven by medium term lending.

Domestic demand for goods continued to support robust growth in the retail and non-retail loan segments which led to the Bank’s Community Financial Services (CFS) Retail and Non-retail loans to book a 11.5% growth across its segments.

CFS Non-retail loan segment expanded by 19.8% to Rp33.46 trillion from Rp27.93 trillion in the same period last year supported by a growth of 25.1% in Business Banking segment, followed by loans for SME business (SME+) and Retail SMEs (RSME) which grew 17.0% and 16.7% respectively.

Likewise, CFS Retail loans also grew by 5.9% on top of retail unsecured loans (credit card and personal loan) which grew 17.5% and the subsidiaries’ auto loans (WOM and MIF) grew by 6.7%.

In the second quarter of 2024, the Association of Indonesia Automotive Industries (Gaikindo) revealed that the national retail automotive sales recorded a decline of 14%. However, amidst the falling sales, the Bank was able to book an increase in WOM’s two-wheelers financing by 7.5%, and MIF’s four-wheelers financing by 6.5% supported by ‘One Maybank go-to-market’ and leveraging cross referencing efforts.

In May 2024, the Bank launched a co-branded credit card with Manchester United in Indonesia, marking its inclusion as the fourth country in the Maybank Group after Malaysia, Singapore and the Philippines to offer the card as part of its product portfolio to its customers.

The Bank’s consolidated assets expanded by 14.2% to Rp189.16 trillion from Rp165.62 trillion in the same period last year, primarily backed by loan growth as described above.

Customer deposit continued to grow by 4.7% to Rp115.58 trillion from Rp110.38 trillion in the same period last year. Aligned with the Bank’s continued strategy to optimise low-cost funding, CASA increased by 10.6% as Current Account grew 15.5% and Savings account grew 3.5%. High-cost funding of Time Deposit decreased by 0.8% and by 4.7% Q-o-Q in line with the Bank’s funding strategy. CASA ratio grew to 51.3% from 48.6%.

The Bank’s interest income was higher by 9.9% in the first semester of 2024 backed by better earning from productive assets composition and continued effort to exit high-cost funding and low yield loans. Cost of fund however, remained high due to shifting trends in interest rate which impacted the Bank’s Net Interest Income (NII) to ease by 2.6%. NIM contracted by 62bps to 4.4%. The NII however, was higher by 0.4% Q-o-Q as the Bank continued to optimise low-cost funding.

Fee-based income was at Rp820 billion in the first semester 2024 from Rp1.09 trillion in the same period last year as Global Market (GM) faced challenges due to weakening Rupiah and shifting trends in the global and domestic interest rates. Despite the challenges, other fee-based income from wealth management increased by 5.8%, comprising of Bancassurance fees which rose by 8.4% and investment fees which grew by 3.5%. 

The Bank continued to make significant investments to enhance its IT capability, as well as delivering several strategic initiatives in line with M25+ aiming to drive digitalisation and technology modernisation. As a result, the Bank registered a rise in overhead costs by 6.4%.

The Bank’s Non-Performing Loan (NPL) ratio improved to 2.7% (gross) and 1.7% (net) from 3.3% (gross) and 2.2% (net). NPL balances decreased by 10.7% and Loan at Risk (LAR) improved to 9.0% from 11.5%.

As of June 2024, Loan to Deposit Ratio (LDR) Bank only was at a healthy 90.8% and Liquidity Coverage Ratio (LCR) Bank only was at healthy level of 169.6%, well above the regulatory requirement.  

Capital Adequacy Ratio (CAR) remained strong at 23.5% and Common Equity Tier 1 (CET 1) was at 22.3% in June 2024.

Shariah Banking

Maybank Indonesia Shariah Banking’s financing recorded a growth of 24.3% to Rp32.95 trillion in the first semester of 2024 from Rp26.51 trillion in the same period last year. The growth was backed by increasing demand for corporate and SME sector financing.

Shariah Banking recorded a 6.4% increase in Income from Fund Distribution, backed by better earning from asset composition. However, market environment with higher cost of Profit-sharing for Investors has resulted in a drop of 6.7% in Shariah Banking’s Income after Revenue-Sharing Distribution.  

Fee-based income recorded higher at Rp101 billion in the first semester of 2024 from Rp92 billion backed by Shariah-based wealth management solution, 'MySWM,’ offering customers a shariah-compliant comprehensive investment planning. Shariah Wealth Management Solution’s Assets Under Management (AUM) registered an increase of 53.0% since its launch. The solution was launched in 2023 and is the first solution of its kind in Indonesia.

In line with the Bank's funding strategy, CASA grew 14.7% to Rp17.89 trillion from Rp15.60 trillion as current account grew 12.8% and savings account grew 16.4%. Time Deposit registered a decrease by 17.4% as it was in line with the Bank’s strategy to optimise low-cost funding. This resulted in Shariah Banking total customer deposit to drop by 3.5%. Shariah Banking CASA ratio grew to 51.5% from 43.3%.

Non-Performing Financing (NPF) ratio improved to 2.4% (gross) and 1.8% (net) in from 2.6% (gross) and 2.0% (net). As of June 2024, Financing to Deposit Ratio (FDR) was at 90.9%.

Digital Banking

In the first half of 2024, the digital banking platform for retail customers, M2U, registered an increase of 14.8% in transactions to approximately 11.6 million from more than 10.1 million in the same period last year. Transaction value increased by 15.2% to more than Rp60.76 trillion from Rp52.76 trillion. Customer deposit acquired through the platform grew 19.1% to more than Rp8.83 trillion. The M2U QR Pay and QR Cardless Withdrawal features registered an increase of 83% in transactions.

Meanwhile, the Bank’s digital platform for corporate customers, M2E, registered transaction value of Rp413.54 trillion in the half year, a growth 10.8% from the same period last year. Current Account balance of M2E users also grew 11.4% to Rp28.09 trillion, from Rp25.22 trillion in the previous year, contributing to the Bank’s overall higher funding balance.

Steffano Ridwan, President Director of Maybank Indonesia, said the Bank had achieved higher loan growth across all key business segments, which aligns with the industry’s double-digit loan growth.

"Amidst various challenges, the Bank was able to intensify its intermediation business by capturing growth opportunities by focusing on the 'super growth' strategy, and on the back of our continued effort in strengthening our ‘One Maybank go-to-market’. In addition, we were able to strengthen the Bank's fundamentals in balanced liquidity and asset quality management to align with our strategic targets. Our second quarter 2024 performance demonstrates our capability to rebound from the previous quarter’s result and grow our business further in the upcoming quarters.”

"Maybank Indonesia will continue to focus efforts with the Bank’s M25+ strategy to become more agile in responding to evolving needs, market opportunities, and challenges, with consumer centricity at the core of the Bank’s activities," Steffano added.

Dato' Khairussaleh Ramli, President Commissioner of Maybank Indonesia, said Maybank Indonesia has maintained a strong focus on optimising its franchise across all key business segments, which sets a stronger foundation for us to be able to grow sustainably in the medium term. This strategic approach enables the Bank to turn around, registering positive profitability in the second quarter of 2024 with a promising outlook for the coming quarters.

“The external outlook continues to remain challenging, nevertheless Maybank Indonesia has demonstrated resilience in overcoming challenges and seizing opportunities to foster sustainable long-term growth. Our Group's M25+ strategy will enable the Bank to continually identify and leverage key business drivers to strengthen its capabilities and create value for all stakeholders moving forward.”
 

Subsidiaries

PT Maybank Indonesia Finance (Maybank Finance)

Maybank Finance’s four wheelers financing registered a growth of 4.3% to Rp6.87 trillion in the first semester of 2024 from Rp6.58 trillion in the same period last year supported by ‘One-Maybank go-to- market’ providing cross referencing opportunities amidst a slowdown in the automotive market in the first semester of 2024.

Maybank Finance registered a growth of 3.8% in PBT to Rp280 billion in the first semester of 2024 from Rp270 billion in the same period last year. NPL was at 0.3% (gross) and 0.1% (net) compared to 0.2% (gross) and 0.1% (net).

PT Wahana Ottomitra Multiartha Tbk (WOM)

The two wheelers market faced a slight decline in the first semester of 2024, however, WOM was able to book an increase of 7.5% in financing to Rp6.26 trillion in the same period from Rp5.82 trillion in the first semester of 2023. The growth was also supported by the ‘One Maybank go-to-market’ alignment.

WOM recorded a PBT of Rp137 billion in the first semester of 2024, increased by 22.4% from Rp112 billion in the same period last year. NPL ratio stood at 2.5% (gross) and 1.2% (net) from 2.0% (gross) and 0.9% (net).

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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 June 2024, Maybank Indonesia has 327 branches, including Shariah branches spread across Indonesia, including one overseas branch in Mumbai, India, 22 Mobile Branch and 735 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 Rp115.58 trillion and has total assets value of Rp189.16 trillion as of June 2024.

For more information:

Dimas Tjahjono Dradjat
Head, Communications
Email: ccommunications@maybank.co.id  
Telp: +6221 2922-8888