Malayan Banking Bhd (Maybank) has announced a net profit of RM7.56 billion for the nine months ended Sept 30, 2024 (9M24), an increase of 8.5%, from the figure recorded in 9M23.

Profit before tax (PBT), meanwhile, was also up by 7.4% year-on-year (YoY) to RM10.29 billion, driven by strong growth in non-interest income (NOII), improved core fees and insurance performance.

The financial institution also recorded an 8.7% YoY increase for its net operating income for 9M24 to RM22.15 billion driven by higher NOII of 26% to RM7.49 billion compared to 2023 that was boosted by strong growth in core fees which rose 13.4%.

Maybank's net fund-based income also improved 1.5% to RM14.66 billion from RM14.44 billion compared to a year earlier supported by solid loans growth of 4.8% year-to-date annualised from all key segments in Malaysia, Singapore and Indonesia.

Net interest margin for Maybank, meanwhile, declined 14 basis points YoY as a result of higher funding cost across the home markets, but has been stable at 2.04% since the second quarter of 2024.

Maybank President and Group Chief Executive Officer Datuk Khairussaleh Ramli said Maybank is making good progress with healthy top lines and a commendable overall 9M24 earnings albeit growing challenges on the global front and market volatility across the region.

"Guided by its corporate strategy to focus and drive initiatives on super-growth areas, particularly wealth management, bancassurance and the global banking mid-market segment, has yielded positive outcomes for the group.

"This is in addition to the prioritisation of maintaining strong liquidity position while improving asset quality and preserving sound capital levels.

"As we advance through our M25+ journey, we remain committed to embedding customer relationships across segments, leveraging on advanced digital capabilities," Khairussaleh said.