This is thanks to its non-interest income growing 28.4%.

Maybank saw its profit after tax and minority interest (PATAMI) rise 9% year-on-year (YoY) to US$ 1.16 b in the first six months of 2024.

Southeast Asia’s fourth largest bank by assets saw its net operating income grow by 9.4% YoY to US$ 3,43 b during the same period, its latest financial results showed.

Maybank attributed this to the growth of its non-interest income (NOII), which in turn was thanks to higher core fees, improved insurance performance, as well as an increase in treasury and market gains.

NOII grew 28.4% YoY to US$ 1,19 b, boosted by core fees growing by 16.5%.

Net fund-based income rose to US$ 2,25 b, on the back of a 10.4% YoY loan growth across all key segments in Malaysia, Singapore and Indonesia.

Overhead expenses were higher by US$ 1,67 b in H1 compared to just US$ 1,49 b a year earlier which Maybank said was due to an increase in personnel costs, administration and general costs, IT expenses, and marketing expenses.