BII showed strong improvement in performance with profit before tax for the year totalling Rp 607 billion while net profit was Rp 498 billion. In the previous year, the result of BII was only consolidated for the nine month period beginning October 2008 (following the completion of the acquisition of BII), in which pre-tax profit was Rp 146 billion and net profit totalled Rp 14 billion.Interest income for the year was Rp 6,065 billion while non interest income stood at Rp 1,762 billion compared with Rp 4,915 billion and Rp 1,187 billion respectively for the previous nine months ended June 2009. Provisions meanwhile fell to Rp 1,048 billion for the year compared to Rp 1,082 billion in the nine months to June 2009.
The results were supported by robust increases in the consumer (+37%), SMEs (+36%) and corporate (+33%) segments.Asset quality remains excellent with net NPL at 1.87% while its capital adequacy ratio was 15.6%.
BII’s expansion plans remain on track with 18 new branches opened since January 2010 with another 70 planned by June 2011.
Performance at BII’s subsidiary WOM Finance also continued to show strong improvement with net profit increasing to Rp 118 billion from Rp 14 billion in June 2009. Monthly sales have surged passed the 56,000 mark compared with 31,100 units in June 2009.
Prospects
Following the successful completion of the Rights Issue in April 2009 and the significant rebound in the regional economies in financial year 2010, the Group’s performance is expected to continue to improve. With the economies in these home markets back on a growth track, Maybank expects demand for financing to remain strong, driven mainly by consumer finance in Malaysia, consumer and small and medium enterprises in Indonesia and broad based growth in Singapore. The Group targets financing growth rate of 24% at BII in Indonesia, 12% in Malaysia and 5% in Singapore.
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Becoming a regional ASEAN Islamic bank has been identified as a strategic differentiator. Maybank is in the midst of converting its subsidiary, Bank Maybank Indocorp in Indonesia into a Syariah bank and is awaiting Bank Indonesia to issue the Syariah Banking License.
Source : Maybank website – August 20, 2010 - Maybank posts record net profit of RM3.82 b Improved performance across all key business segment; strong growth in Indonesia - http://www.maybank.com/corporate-profile/corporate-news/maybank-posts-record-net-profit-rm382-billion and Wall Street Journal Aug 20, 2010 -http://online.wsj.com/article/BT-CO-20100820-704874.html
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