Maybank Singapore net income up 1.4 per cent for the year as loans hit record high

Maybank Singapore has posted a 1.4 per cent increase in net income for the full year to $708.83 million, as fee-based income rose.

The Malaysian bank said on Thursday that its Singapore operations also recorded a strong loans growth with total loans portfolio at a record $30.9 billion at the end of the year ended Dec 31.

This was driven by a growth in business loans, which increased 15.8 per cent, driven by strong demand for term loans and revolving credit loans.

Consumer loans grew 10.3 per cent, led by housing loans followed by term loans and credit cards.

Net fee-based income rose 6.6 per cent, Maybank added.

However, despite higher income from loans and investment, net fund based income was 1.8 per cent lower at $423.84 million, due to a new accounting method.

As a result, profit before tax in Singapore slipped 3.7 per cent to $414.4 million.

Maybank said that overall, its profit after tax for the year rose 14 per cent to a new high of RM6.55 billion (S$2.53 billion).

This was due to a solid performance from its businesses across Asia, higher loans growth as well as improved cost management initiatives.

Group profit before tax for the year came in 12.3 per cent higher at RM8.87 billion.