Maybank Indonesia's Profit Before Tax Rises 23.9 Percent in H1 2022, Thanks to Domestic Economic Recovery

- 01 August 2022 12:42 WIB
Maybank top executives during a public expose event in Jakarta recently (Photo courtesy of maybank.co.id)
Maybank top executives during a public expose event in Jakarta recently (Photo courtesy of maybank.co.id)

JAKARTADAILY.ID - PT Bank Maybank Indonesia Tbk, one of the largest banks in Indonesia by assets, posted a 23.9 percent year-on-year increase in its net income in the first half of 2022 (H1 2022). 

In a statement sent to JakartaDaily.id, Maybank Indonesia, part of Malaysian Maybank Group, said its consolidated financial results for the first half ended June 30, 2022, showed that its profit before tax, or PBT, stood at Rp 944 billion, up from Rp 762 billion in the corresponding period last year.

Meanwhile, its Profit after Tax and Minority Interest (PATAMI) stood at Rp 663 billion, up 30 percent from Rp 510 billion.

Also read: Malaysia's Maybank Net Profit Up 24.9 Percent to .93 Billion in 2021, Firm on its M25 Ambition

The Bank attributed the higher profitability to gradual improvements in the domestic economy in the first half of 2022, which in turn contributes to the loan demand increase.

Maybank Indonesia said its reduced loan provisions as the results of improved loan quality, its growing outstanding loans, the lower cost of funds, and "well-maintained" overheads, contributed to the strong first half profitability.

"We are pleased to announce our strong growth in revenue as the markets continued to regain their momentum in the first half of 2022 and we were able to chart loan growth across most segments," the President Director Maybank Indonesia Taswin Zakaria said in the statement dated July 28, 2022.

Taswin Zakaria, who has been leading Maybank Indonesia since 2015, said the lender will continue with its strategies and initiatives in 'ensuring sustained growth" in its loan portfolios.

He said that amid uncertainties that may arise from geopolitical and recent market conditions, the lender will remain "prudent" in managing its businesses, and emplace necessary precautions to safeguard its assets, as well as "maintain risk posture" to withstand any unforeseen global threats.

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Editor: Suksmajati Kumara

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