Consolidated Financial Highlights as of 31 December 2024.
(All percentages noted are on year on year (Y-o-Y) basis unless otherwise stated)

Jakarta, 21 February 2025

PT Bank Maybank Indonesia Tbk. (Maybank Indonesia or the Bank) announced its consolidated Financial Results for the fiscal year ended 31 December 2024 with Profit Before Tax (PBT) registered at Rp1.60 trillion. In 2024, the Bank was able to sustain upward trend in PBT for the past three quarters. The Bank’s 4QFY’24 PBT was at Rp755 billion, increased by 34.5% from Rp562 billion in 3QFY’24, and PBT in 4QFY’24 was higher by 8.1% compared to PBT in 4QFY’23 which was at Rp699 billion.

The Bank focused on ‘super growth’ areas to strengthen its fundamentals, particularly within key business segments such as corporate lending for large local entities, non-retail Small and Medium Enterprises, and retail auto loan segment. Moreover, the Bank continued to deliver strategic programmes, an integral part of Maybank Group’s M25+ strategy, focusing on business operations and technology improvements, and strengthening the 'One Maybank' approach to drive growth through expansion of select key levers.

Supported by the strategies, the Bank’s total outstanding loans increased by 10% across all key segments to Rp127.58 trillion as of 31 December 2024 from Rp116.00 trillion a year before.

The Bank’s Community Financial Services (CFS) Non-retail loans rose 19.7% to Rp36.87 trillion from Rp30.81 trillion driven by a significant rise in Business Banking commercial loan segment by 25.0%, while Small Medium Enterprise loans (SME+) and Retail SME (RSME) grew by 22.4% and 14.1% respectively.

CFS Retail loans grew by 5.8% to Rp46.00 trillion from Rp43.47 trillion supported by the Bank’s subsidiary’s auto loans, which increased by 5.9%, mortgages by 4.7%, and the retail businesses of credit cards and personal loans by 11.3%.

The Bank’s corporate loans managed under Global Banking also grew 7.2% to Rp44.71 trillion from Rp41.72 trillion with Large Local Corporates (LLC) segment grew exponentially by 65.2%, while the Financial Institution Group (FIG) grew by 10.1%.

The Bank’s sustainable financing* reached Rp22.09 trillion as of December 2024, supported by financing focused on Micro, Small, and Medium Enterprises (MSME) amounted to Rp17.12 trillion. In 2024, the Bank financed the environmentally friendly transportation sector with Rp346 billion and the renewable energy sector with Rp56 billion. Sustainable financing initiatives contributed 19.4% to the Bank’s loan portfolio.

The growth in total loans also contributed to an increase in the Bank’s total consolidated assets by 14.8% to Rp197.18 trillion from Rp171.80 trillion.

In 2024, the Bank’s Interest Income increased by 10% in line with higher loan average balance and better earning assets composition. However, interest expense remained high causing Net Interest Income to drop by 1.8 percentage points. Net Interest Margin (NIM) contracted by 59 bps to 4.4%.

Fee-based income increased by 5.8% to Rp2.15 trillion from Rp2.04 trillion. This positive growth offset the decline in Global Market transaction fees, driven by a nearly doubled fee income from asset recovery, as well as contributions from the subsidiary’s two-wheeler financing and Premier banking (Wealth Management) fees.

Customer deposits increased by 3.0% to Rp119.00 trillion from Rp115.50 trillion, driven by a 6.6% growth in CASA, which included a 10.8% rise in Current Accounts and a 0.3% increase in Savings Accounts. This growth aligns with the Bank’s strategy to manage a sustainable cost of funds. CASA ratio strengthened to 52.9%, up from 51.1% last year.

The Bank's Gross Operating Income was Rp9.26 trillion, remained stable compared to last year. However, overhead costs for the full year 2024 amounted to Rp6.30 trillion, an 8.5% increase from Rp5.81 trillion last year as the Bank continued to invest in IT infrastructure and capability enhancements and ongoing key transformative initiatives delivery in line with Maybank Group's M25+ strategy from the previous year. If excluding IT enhancements and the M25+ initiatives, the overhead costs would increase by 5.6%.

Provisioning in 2024 was higher compared to 2023 following proactive credit risk management made in 1QFY’24. The Bank’s Consolidated Non-Performing Loan (NPL) ratio improved from 2.9% (gross) and 1.9% (net) in December 2023 to 2.7% (gross) and 1.4% (net) in December 2024 supported by loan growth. Loan at Risk (LAR) improved to 8.2%, from 8.9% a year earlier.

As of December 2024, Loan to Deposit (LDR) ratio Bank only was at 89.8% and Liquidity Coverage Ratio (LCR) Bank only at a healthy level of 189.0%, well above the regulatory requirement of 100%.  Net Stable Funding Ratio (NSFR) Bank only was at 109.8%.

Capital Adequacy Ratio (CAR) remained strong at 25.6% and CET1 at 24.4% with total capital of Rp30.26 trillion at the end of December 2024.

Shariah Banking

Maybank Indonesia's Shariah Banking registered a 5.0% growth in financing to Rp31.75 trillion from Rp30.24 trillion last year led by the CFS non-retail financing which saw strong double-digit growth, and growth in retail four-wheelers financing. Shariah Banking’s assets increased by 4.7% to Rp42.96 trillion from Rp41.04 trillion.

Fee-based (Other Operating) income also increased by 48.9% in the full year 2024, primarily driven by Shariah Banking’s wealth management solution, ‘MySWM’, and fee income from asset recovery, which were booked in 4QFY’24.

Customer Deposits went up by 4.9% to Rp36.78 trillion from Rp35.07 trillion driven by a solid growth of 12.1% in CASA. Meanwhile Time Deposit declined by 2.8%. CASA ratio improved to 55.0% in December 2024 from 51.5% last year.

As per December 2024, Non-Performing Financing (NPF) ratio was at 2.2% (gross) and 1.5% (net) improved from 2.6% (gross) and 1.8% (net) in December 2023. Financing-to-Deposit ratio (FDR) was at 83.6% in December 2024 from 84.0% in December 2023.

President Director Maybank Indonesia, Steffano Ridwan said Maybank Indonesia concluded the year with a promising outlook, marked by healthy loan growth across the Bank’s key segments, paving the way for stronger growth momentum. Profitability remains the Bank’s focus for the year ahead, while maintaining prudence in asset quality and management.

“Our ongoing effort on regaining the Bank's core expertise in non-retail segments is reflected in the significant growth of our Commercial and SME financing portfolios. Similarly, the recently deployed corporate loans, targeted at large local entities, have consistently gained strong traction, contributing to the Bank's overall business performance.”

Maybank Indonesia will continue to adopt a consumer-centric approach in its offerings, in line with the Maybank Group M25+ strategy. This includes wealth management solutions, which have consistently improved fee-based income throughout the year, while also strengthening its core system capabilities and security to ensure long-term resilience, Steffano concluded.

President Commissioner Maybank Indonesia, Dato’ Khairussaleh Ramli, said that despite the challenges seen in the 1QFY2024, Maybank Indonesia was able to gradually improve its performance in three subsequent quarters, underscoring the Bank’s resilience. These results position the Bank well to capture stronger growth whilst continuously creating values for its stakeholders.

“At the Group level, we are committed to enhancing our regional presence by strengthening our core businesses prospects as outlined in our M25+ strategy. This approach will potentially unlock new opportunities for growth and collaboration, including Maybank Indonesia, which is our key home market. In addition, Maybank Indonesia will continue to build on its strengths across all business segments under ‘One Maybank,’ enabling the Bank to move forward with propositions that are relevant to evolving customer needs.”

Subsidiaries

PT Maybank Indonesia Finance (Maybank Finance)

Maybank Finance recorded a 2.9% increase in four-wheelers financing to Rp7.94 trillion as of December 31, 2024 up from Rp7.72 trillion last year, amid a weakening national automotive market.

Maybank Finance’s PBT rose 1.7% to Rp581 billion from Rp571 billion, owing to provisioning. The NPL ratio was 0.3% (gross) and 0.1% (net) in December 2024, compared to 0.2% (gross) and 0.1% (net) in December 2023.

PT Wahana Ottomitra Multiartha Tbk (WOM)

Amidst weakening two-wheelers automotive market, WOM recorded a growth of 0.89% in two-wheelers financing to Rp6.21 trillion from Rp6.15 trillion.

WOM registered PBT of Rp329 billion, rose 2.8% from Rp320 billion last year. NPL ratio was at 2.0% (gross) and 0.9% (net) in December 2024 from 2.1% (gross) and 0.9% (net) in December 2023.

***

*) Categories based on Kegiatan Usaha Berkelanjutan (KKUB) POJK 51/2017

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 2024, Maybank Indonesia has 314 branches, including Shariah branches spread across Indonesia, including one overseas branch in Mumbai, India; 22 Mobile Branch and 747 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 Rp119.00 trillion and has total assets value of Rp197.18 trillion as of December 2024.

For more information, please contact:

Bayu Irawan
Head, Corporate Communications
Email: ccommunications@maybank.co.id
Telp: +6221 2922-888