Maybank Indonesia

Financial Results

1Q 2024 ended 31 March 2024

Humanising Financial Services

Table of Contents

Executive Summary

Results Overview

Shariah Business Unit

Digital Banking

Subsidiaries

Appendix

Sustainability

Maybank Indonesia in Brief

Awards and Events Highlights

2

8

18

20

23

26

32

37

1Q 2024: Loans grow by 14.0% while maintaining liquidity

Loans grew across all segments of corporate, retail and non-retail loans

1Q 2024 vs 1Q 2023

Total

NPL

LAR

Loans

Ratio

Ratio

14.0%

70 bps

3.80%

Rp122.3 trillion

2.67%

8.29%

  • Loans grew by 14.0% YoY across all segments owing to the implementation of Strategic Programmes (SP) 7 'Uplift Indonesia', which is an integral part of Maybank Group's M25+ strategy focusing on 'super growth' areas covering the Global Banking segment (Large Local Corporates/LLC), Small Medium Enterprise segment (SME+ and RSME) as well as retail segment of auto loans.
  • GB grew 18.2% backed by growth in LLC and Financial Institutions Group (FIG) by 5.3% and 86.8% respectively, while CFS Non-Retail dan CFS Retail grew by 14.6% and 9.6% respectively.
  • Gross NPL and gross impaired loan (GIL) ratios improved YoY to 2.67% and 3.70% respectively supported by increase in loan balances.
  • The Bank's Loan at Risk (LAR - Bank only) improved to 8.29% in Mar-24 from 12.09% in Mar-23.
  • NPL Loan Loss Coverage significantly improved to 133.2% in Mar-24 from 95.1% in Mar -23

Continued to optimise low cost

funding

1Q 2024 vs 1Q 2023

Low Cost Fund

Total

LDR Ratio

(CASA)

Deposits

(Bank only)

8.3%

13.1%

0.44%

Rp58.2 trillion

Rp117.2 trillion

88.67%

  • Total customer deposits increased by 13.1% to Rp117.2 trillion as CASA and Time Deposits increased by 8.3% and 18.4% respectively, continuing its trends from the previous semester. The CASA growth was derived from growth in Savings by 11.9% and Current Account by 5.9%.
  • The Bank's CASA ratio remained healthy at 49.65% in Mar-24.
  • Healthy liquidity indicators: Loan-to-Deposit Ratio (LDR - Bank only) at 88.67%, and modified LDR (Bank only) at 80.79% as of Mar-24. Liquidity Coverage Ratio (LCR - Bank only) quarterly stood at 210.77% as of Mar-24.
  • The Bank will ensure to maintain an optimum level of liquidity (with LCR gradually maintained at around 170% level).

3

1Q 2024: Pre-provisioning Operating Profit booked at Rp609 billion

Revenue was impacted by high provisioning as a result of being proactive for specific

corporate accounts

1Q 2024 vs 1Q 2023

Profit/(loss)

Net Interest

Fee Income

Overhead Cost

Pre-provision

Provisions

Before Tax

Margin (NIM)

Operating Profit

135.4%

61 bps

35.5%

4.2%

34.3%

395.3%

-Rp265 billion

4.53%

Rp370 billion

Rp1.5 trillion

Rp609 billion

Rp873 billion

  • The Bank recorded a consolidated loss before tax of Rp265 billion due to lower revenue and high provisioning.
  • NIM contracted by 61bps to 4.53% due to higher cost of funds.
  • Fee-basedincome was registered lower at Rp370 billion due to weakening Rupiah impacted by changing trends and projection in global interest rates movement and geopolitical influence as well as lower asset recovery.
  • Overhead cost (OHC) grew 4.2% to Rp1.5 trillion as the Bank continued to make significant investment to enhance IT capability and capacity, including several strategic areas in line with M25+ initiatives in the first quarter of 2024 to drive digitalisation and technology modernisation.
  • Pre-provisioningOperating Profit (PPOP) was booked at Rp609 billion.
  • The Bank took a proactive approach to set aside provision expenses at Rp873 billion for specific corporate accounts which may potentially face asset quality deterioration. Nevertheless, provision amount is isolated and not systemic.

*) All numbers are based on Consolidated Financial Statements which are in accordance with accounting classification unless otherwise stated.

4

The classifications differ from published results which are in accordance with OJK's classification.

1Q 2024: Capital remains strong

Strong capital position

1Q 2024 vs 1Q 2023

Total

Total

Total

CAR

Asset

RWA

Capital

10.0%

16.7%

2.8%

3.46%

Rp177.7 trillion

Rp115.6 trillion

Rp29.7 trillion

25.65%

  • Total Assets increased by 10.0% YoY to Rp177.7 trillion.
  • Total Capital stood at Rp29.7 trillion, an increase of 2.8% YoY.
  • Strong capital position with CAR stood at 25.65% (CET 1 at 24.50%).

5

1Q 2024: UUS continued to record growth in assets

Shariah Business Unit (UUS) Financing

grew by 22.8%

1Q 2024 vs 1Q 2023

UUS

Income after

UUS

UUS

UUS

NPF

Revenue Sharing

Assets

Financing

CASA

Ratio

Distribution

4.1%

28.8%

10.8%

0.26%

13.4%

Rp41.2 trillion

Rp31.9 trillion

Rp17.0 trillion

2.47%

Rp320 billion

  • The Shariah Business Unit's Total Income after Revenue Sharing Distribution was booked lowered at Rp320 billion compared to Rp369 billion in the same period last year owing to high cost of funds.
  • The Shariah Business Unit continued to record growth in assets by 4.1% to Rp41.2 trillion, backed by significant increase in the business unit's financing, which grew 28.8% to Rp31.9 trillion from Corporate and SME financings. The Shariah Business Unit's financing growth contributed 29.3% to the Bank's standalone financing.
  • Customer deposits also grew 11.9%, with the business unit's CASA rose 10.8% backed by higher growth in Savings Account by 26.3%. CASA ratio remained stable at 48.91% in Mar-24.
  • Non-PerformingFinancing (NPF) gross improved to 2.47% in Mar-24 from 2.73% in Mar-23.

6

1Q 2024: 2-wheeled and 4-wheeled segments progress despite decrease in automotive industry sales

Maybank Finance

1Q 2024 vs 1Q 2023

MIF PBT

MIF

Financing

0.0%

11.8%

Rp135 billion

Rp7.4 trillion

  • Maybank Finance's PBT was registered stable at Rp135 billion.
  • Following the Bank's 'super growth' effort to strengthen its retail financing portfolio, particularly, in auto loan through active engagements with the customers as 'One-Maybank', Maybank Finance's four-wheeled financing grew 11.8% to Rp7.4 trillion from Rp6.7 trillion.

WOM Finance

1Q 2024 vs 1Q 2023

WOM PBT

WOM

Financing

3.1%

13.7%

Rp83 billion

Rp6.2 trillion

  • WOM Finance registered an increase of 3.1% in PBT to Rp83 billion from Rp80 billion in the same period last year.
  • WOM Finance's financing grew 13.7% to Rp6.2 trillion from Rp5.5 trillion resulted from alignment within 'One-Maybank' entities in Indonesia.

7

Table of Contents

Executive Summary

Results Overview

Shariah Business Unit

Digital Banking

Subsidiaries

Appendix

Sustainability

Maybank Indonesia in Brief

Awards and Events Highlights

2

8

18

20

23

26

32

37

Income Statement - Consolidated

Rp billion

1Q 2024

1Q 2023

YoY

4Q 2023

QoQ

Interest Income

3,140

2,837

10.7%

3,126

0.5%

Interest Expense

(1,387)

(1,030)

34.7%

(1,300)

6.7%

Net Interest Income

1,753

1,807

-3.0%

1,825

-4.0%

GM-related fees

(51)

101

-150.4%

43

-219.7%

Non GM-related fees

421

472

-10.9%

561

-25.0%

Non Interest Income

370

574

-35.5%

604

-38.7%

Gross Operating Income

2,123

2,380

-10.8%

2,429

-12.6%

Personnel

(796)

(738)

8.0%

(737)

8.0%

General & Administrative

(718)

(716)

0.3%

(644)

11.5%

Operating Expenses

(1,514)

(1,453)

4.2%

(1,381)

9.6%

Operating Income before Provisions

609

927

-34.3%

1,048

-41.9%

Provisions

(873)

(176)

395.3%

(354)

146.7%

Operating Income After Provision

(263)

751

-135.1%

695

-137.9%

Non Operating Income / (Expenses)

(2)

(1)

59.9%

4

-141.3%

Profit Before Tax & Minority Interest

(265)

750

-135.4%

699

-138.0%

Tax & Minority Interest

37

(184)

-120.2%

(202)

-118.5%

Profit After Tax & Minority Interest (PATAMI)

(228)

566

-140.3%

497

-145.9%

9

Loans

Total loans grew 14.0% contributed by all segments from corporate, retail, and non-retail

LDR & Total Loans

Rp trillion

Loans Portfolio Breakdown

Rp trillion

Mar-24

Dec-23

Mar-23

YoY

QoQ

Global Banking

46.4

41.7

39.3

18.2%

11.3%

CFS

75.9

74.3

67.9

11.7%

2.1%

CFS Non-Retail

31.9

30.8

27.8

14.6%

3.5%

Business Banking

12.0

11.8

10.0

19.8%

2.0%

SME+

5.5

5.1

5.0

8.9%

7.3%

RSME

14.4

13.9

12.7

12.9%

3.5%

CFS Retail

44.0

43.5

40.1

9.6%

1.1%

Auto Loan

23.5

23.1

20.5

14.6%

1.8%

2-wheeler

6.2

6.2

5.5

13.7%

1.2%

4-wheeler

17.3

17.0

15.1

14.9%

2.1%

Mortgage

16.1

16.2

15.9

1.4%

-0.3%

CC + Personal Loan

3.7

3.6

3.1

20.5%

3.1%

Other loan

0.6

0.6

0.6

2.5%

-1.1%

Total

122.3

116.0

107.2

14.0%

5.4%

Global Banking

CFS

Foreign Exchange

Rupiah

10

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Disclaimer

PT Bank Maybank Indonesia Tbk published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 11:12:04 UTC.