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Financial Results
Fourth Quarter & Full Year FY2012
21 February 2013 0
www.maybank.com
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
1Financial Results: 12 Months FY2012 ended 31 December 2012
52
55 61 64 67
Final net dividend of 28.5 sen per share amounting to RM2.4 billion. This brings total FY2012 net dividend to RM4.29 billion representing a net dividend payout ratio of 74.7%.
2 2
Growth across domestic & regional operations with double-digit performance across key financials
FY2012 RM bil PATAMI 5.74 CY2011 RM bil 4.88 % YoY +17.6%
PBT
Domestic International Net Income Net Fund Based Income Net Fee Based Income
7.89
5.51 2.38 16.60 10.18 6.42
6.88
5.24 1.64 14.82 9.19 5.63
+14.8%
+5.2% +45.4% +12.0% +10.8% +14.0%
Gross Loans
Domestic International Gross Deposits Domestic International 3
317.3
199.8 117.5 347.2 227.3 119.9
282.8
178.6 104.2 314.7 209.5 105.2
+12.2%
+11.8% +12.9% +10.3% +8.5% +14.0%
Despite pressures domestically & internationally, we were in line with targets & ahead of industry in Malaysia and Singapore
FY2012 Targets
Maybank Achievement
Industry Average
Peer Average
(Based on YTD 3Q FY2012)
Peer 15.6%
15.2%
16.0%
12.9%
15.7% 5.4%
*ROE FY2012 includes weighted reallocation of additional RM3.66 bil capital raised in October 2012 Notes: Peer comparisons are based on YTD 3Q FY2012 results (annualised) of selected banks. Headline KPIs, group loans growth and group deposits growth are based on the the average for selected Singaporean & Malaysian banks with regional operations. Loans growth is based on the average annualised loan growth rate for loans disbursed in the respective market by selected banks.
Variance (12 bps) +30 bps +70 bps +210 bps (120 bps)
Return on Equity
Fee to Income Ratio Loans-to-Deposit Ratio Cost to Income Ratio# Asset Quality Gross Impaired Loans Ratio Net Impaired Loans Ratio Loans Loss Coverage Net Charge off rate (bps) Capital Adequacy (Group)^ Core Capital Ratio
1.78
1.09 105.6 23 13.43 17.24
2.84
1.86 86.9 20 11.57 16.29
(106 bps)
(77 bps) +18.7% +3 bps +196 bps +104 bps
2.85
1.86 86.9 25 11.57 16.29
3.34
2.25 82.3 23 11.68 15.20
Total cost excludes amortisation of intangibles for BII and Kim Eng Figures for CY2011, FP2011 and FY2011/2010 are adjusted for dividend payment and reinvestment made under the Dividend Reinvestment Plan (DRP) and figures for FY2012 are assuming 85% reinvestment rate
With a footprint across ASEAN and expansion of business capabilities, our international PBT was up 45% YoY
PBT Contribution by Market
Malaysia Singapore Malaysia Singapore Indonesia 76.2% 69.8% PBT (RM bil) 7.89 6.27 5.37 30.2% 23.3% 15.2% 4.8% 24.2% 14.2% 4.6% FY2011 /2010 23.8% 15.1% 14.4% 7.0% FY2012 1.25 0.82 0.26 FY2010 Group Malaysia * 4.12 4.75 6.88 5.24 5.51 Total International
Indonesia
Total International 76.7% 75.8%
5.0%
CY2011
1.64
FY2010 /2009
* Malaysia = Domestic Banking Ops, Investment Banking, Insurance & Asset Management, Group Elim, Group Adjustment, Other Subsidiaries # Singapore = Singapore Branch and Kim Eng Group **PBT for CY2011 includes six months PBT in second half FY2011 ^ Indonesia = BII and MSI.
In the consumer market, we saw consistent market share growth & still see opportunities for growth
Strategic Objective 1: Undisputed No. 1 Retail Financial Services provider in Malaysia by 2015
Dec-09 Loans Total Consumer/Household Auto (Purchase of transport vehicles) Total Mortgage* Credit Cards # Unit Trust Deposits Total Retail Deposit Retail CASA Retail FD 18.4% 23.9% 15.2% Dec-09 Internet Banking - No. of Subscribers Mobile Banking - Active Users Branch Network N.A N.A 19.3% 18.5% 23.9% 15.3% Dec-10 55.2% N.A 19.0% 18.1% 23.3% 15.1% Dec-11 52.7% 87.0% 19.0% 18.3% 23.6% 15.2% Jun-12 50.1% 80.0% 19.0% 2 1 2 MBB Rank 1 1 1 15.7% 17.3% 13.4% 14.2% 72.0% 16.0% 17.6% 12.9% 14.0% 68.6% 16.4% 19.2% 13.2% 15.3% 63.9% 17.0% 20.2% 13.4% 15.2% 60.2% 2 2 2 2 1 Dec-10 Dec-11 Dec-12 MBB Rank
* Refers to Housing & Shophouse Loans # The above market share for Cards refers to Receivables. In terms of Cardbase, Billings and Merchant Sales, Maybank is ranked No. 1. The above industry figure includes commercial banks and Non-Financial Institutions
GWB gained significant industry recognition with Maybank Kim Eng having lead role in key deals
Strategic Objective 2: Leading ASEAN wholesale bank eventually expanding to Middle East, China & India
Malaysia League Table Mergers & Acquisitions
2012
Advisor Maybank CIMB Goldman Sachs Morgan Stanley BoA Merrill Lynch Market Share 36.49% 30.70% 26.97% 20.23% 13.95%
2011
Advisor CIMB Maybank RHB Goldman Sachs AmInvestment Market Share 45.09% 31.76%
2010
Advisor CIMB RHB Market Share 42.72% 31.35%
Malaysia
Philippines
1 2
RM 15.6 billion
RM 11.2 billion
RM 10.4 billion
RM 8.0 billion
RM 1.8 billion
3 4 5
IPO
Astro Malaysia Holdings Berhad Completed October 2012
IPO
Felda Global Ventures Holdings Bhd Completed June 2012
Sukuk
DanaInfra Nasional Bhd Completed July 2012
Term Loan/IB
DRB-Hicom Bhd
Completed June 2012
Private Placement
Malaysia Airports Holdings Berhad Completed March 2012
Project Financing
Tanjung Bin Energy
Completed March 2012
IPO
Gas Malaysia
Completed June 2012
Singapore
Hong Kong
Term Loan
MS Commercial Pte Ltd/ OphirRochor Comm Pte Ltd Completed April 2012
Term Loan
Khazanah Nasional
Completed April 2012
4 5
We continue to hold the no.1 ranking in life & family and general & general takaful market share
Strategic Objective 3: Undisputed Insurance & Takaful Leader in Malaysia and Emerging Regional Player
Insurance & Takaful Market Share
19.7% (1) 20.7% (1) 18.2% (1) 16.6% (1) 18.7% (1) 39.0% (1) 16.4% (1) 13.4% (1) 12.7% (1) 28.3% (1)
45.3% (1)
45.5%
(1)
(1)
37.7%
(1)
(1)
11.6% (1)
20.7% (1) 19.7% (1) 18.7% (1) 18.2% (1) 16.6% (1) 16.4% (1) 18.0% (1) 12.4% (4) 12.0% (4) 10.4%10.4% (4) 8.9% (4) (3)
9.3%(3)
2007
2008
2009
2010
2011
2012
2007 2008 2009 2010 2011 2012 EIB ETB EIB & ETB
2007
2008 EIB
2009 ETB
2010
2011
2012
Notes: 1. Market ranking in the bracket. 2. 2012 data is for 12 months ended September 2012
International PBT contribution increases from 24% CY2011 to 30% in FY2012, with a total PBT of RM7.89bil
Strategic Objective 4: Truly regional organisation, with ~40% of pre-tax profit derived from international operations by 2015 FY2012
(Jan 12 Dec12)
Revenue
5.5% International: 30%
Gross loans*
6.4%
International: 36%
15.4%
14.8%
RM16.60b
64.2%
RM7.89b
69.8%
22.1%
RM317.3b
63.3%
CY2011
(Jan 11 Dec 11)
4.0%
Malaysia
Indonesia
Others
8.4%
3.5%
6.4%
15.2%
15.1% 14.4%
RM14.82b
66.3%
RM6.88b
76.2% International: 24%
21.8%
RM282.8b
63.4%
International: 34%
International: 37%
10
10
Maybank Islamic surpasses RM1.0 bil PBT mark and is among the top 3 underwriters in the Global Islamic Bond market
Strategic Objective 5: Global leader in Islamic Finance
Maybank Islamic PBT
1,400.0 1,200.0 1,000.0 800.0 600.0 400.0 200.0 Dec 09 Dec 10 Dec 11 Dec12 462.0 952.8 1,190.1
697.9
30.6% 69.4%
23.6%
24.5%
26.1%
22.1% 17.0%
23.2%
14.8%
Dec -11
Deposit
Dec -12
11
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 12
52
55 61 64 67
Group Performance: Record PATAMI of RM 5.74 billion, delivering EPS of 72.7 sen
(RM mil)
Net interest income Net Fund based income (Islamic Banking)
12M FY12
8,480.7 1,699.4 10,180.1 5,273.7
12M CY11
7,624.4 1,560.9 9,185.3 4,499.7
YoY
+11.2% +8.9% +10.8% +17.2%
4QFY12
2,194.9 396.4 2,591.3 1,205.4
2QFP11
2,152.7 427.0 2,579.7 1,151.5
YoY
+2.0% (7.2%) +0.4% +4.7%
496.9
652.4 6,423.0 16,603.1 (8,158.1) (702.9) 7,742.1 152.5 7,894.6 5,744.7 72.7
278.0
856.0 5,633.7 14,819.0 (7,457.9) (626.0) 6,735.1 140.1 6,875.2 4,884.0 65.1
+78.8%
(23.8%) +14.0% +12.0% +9.4% +12.3% +15.0% +8.9% +14.8% +17.6% +11.6%
130.0
304.2 1,639.5 4,230.8 (2,137.0) (178.5) 1,915.3 34.0 1,949.3 1,459.6 17.3
64.7
249.6 1,465.8 4,045.4 (2,054.0) (298.6) 1,692.9 37.7 1,730.6 1,259.0 16.7
+100.9%
+21.9% +10.2% +4.6% +4.0% (40.2%) +13.1% (9.8%) +12.6% +15.9% +3.4%
Operating profit
Share of profits in associates Profit before taxation and zakat
13
13
First-time adoption of Malaysian Financial Reporting Standards ("MFRS") and changes in accounting policies
The Groups and the Bank's opening statements of financial position was prepared as at 1 July 2011, being the Groups and the Bank's date of transition to MFRS. The key changes from the adoption of MFRS effective 1 Jan 2012 are: Revised Financial Reporting Guidelines ("FRG") for Insurers issued by BNM or reclassification of non-par unallocated surplus from liabilities to equity; Re-designation of previously recognised financial instruments which were previously classified as financial investments held-to-maturity to financial investments availablefor-sale; Change in the presentation of "Life, general takaful and family takaful fund assets", "Life, general takaful and family takaful fund liabilities" and "Life, general takaful and family takaful policy holders' funds" on the consolidated statement of financial position; Adoption of Financial Reporting Standards Implementation Committee Consensus 18 Monies Held in Trust by Participating Organisation at Bursa Malaysia Securities Berhad ("FRSIC Consensus 18"); Reclassification of "Software development-in-progress" from Property, Plant and Equipment to Intangible Assets; and Financing sold to Cagamas.
14
14
All sectors saw positive operating profit & higher revenue growth
+12.0% Global Wholesale Banking (GWB) Revenue (RM million)
14,819 16,603 +5.1% (including reclass) +32.9% (excluding reclass) CY 2011 FY 2012
+34.8%
+3.7%
6,626 6,871
+54.3%
+10.7%
+44.0%
-2.9%
2,301
888 1,279 Investment Banking (Inc. Kim Eng) International Banking +35.6% (excluding reclass)
1,232 1,197 Insurance, Takaful Insurance & & Takaful Asset Management
Corporate Banking
+14.7%
8,445 7,361 +5.3% (including reclass)
+39.5%
+2.2%
3,253 3,324
+60.5%
1,182 1,897
+9.7%
1,347 1,479
+146.7%
+26.2%
2,070 2,613
-12.1%
808
711
Total
Corporate Banking
Note: CFS & GWB YoY growth adjusted to include net profit impact of reclassed loans & deposits transferred to GWB in 2011. CFS operating profit on adjusted basis would be RM3,253m (CY11) & RM3,427m (FY12) and CFS adjusted revenue RM6,682m (CY11) & RM7,023m (FY12). Net insurance & takaful income 2011 includes included 18 months of actuarial surplus. Normalised net income for 2011 comparable to that of 2012 would be reduced by RM178.7 mil (excluding 6 months Life fund surplus of RM80.4 mil from July 2010 & Dec 2010 & and one-off net surplus adjustment in Dec 2011 of RM98.3 mil due to change in actuarial liability valuation basis)
15
Group revenue strengthened in line with a 14.0% increase in fee-based income and 10.8% in fund-based income
Net Fund Based Income rose 10.8%
+10.8%
9,185 Global Wholesale Banking (GWB)
10,180
+19.7% -21.1%
CY 2011
FY 2012
RM million
+3.1%
5,048 5,205
+48.3%
-10.7%
+16.5%
3,466
+32.7%
2,976
1,014 1,505 Total Community Financial Services Corporate Banking 678 606 206 163 International Banking +47.5% (excluding reclass)
83
110
Global Markets
Investment Banking
Insurance & Insurance, Takaful Takaful & Asset Management CY 2011 FY 2012
+48.9%
RM million
+5.5%
1,578 1,666
+27.3%
868 1,106
+63.7%
682 1,116 Investment Banking
+13.7%
1,501 1,707
-5.4%
1,149 1,087
Total
Corporate Banking
Global Markets
International Banking
Note: CFS & GWB YoY growth adjusted to include net profit impact of reclassed loans & deposits transferred to GWB in 2011. CFS net fund based income on adjusted basis would be RM5,124m (CY11) & RM5,357m (FY12) and CFS adjusted fee based income for 2011 would be RM1,558 m. Net insurance & takaful income 2011 includes included 18 months of actuarial surplus. Normalised net income for 2011 comparable to that of 2012 would be reduced by RM178.7 mil (excluding 6 months Life fund surplus of RM80.4 mil from July 2010 & Dec 2010 & and one-off net surplus adjustment in Dec 2011 of RM98.3 mil due to change in actuarial liability valuation basis)
16
International:
30.5%
Singapore, 11.0%
Malaysia , 64.2%
Malaysia, 69.6%
Singapore
402 398 105
Indonesia
3,651 2,570
RM million
4,012
Rp. billion
1,185
1,158
545
Consumer Banking GWB ^
16
MKE MKE Investment Insurance Banking Consumer GWB SME + Syariah
CFS
GWB
17
17
3,007
+48.0% +123.7% -16.4% -4.3%
428
633 -108
26
761
636
652 278
497
Other Income
Net income from Fee income from Insurance & Islamic Takaful Business Operations
Note: Net insurance & takaful income 2011 includes included 18 months of actuarial surplus. Normalised net income for 2011 comparable to that of 2012 would be reduced by RM178.7 mil (excluding 6 months Life fund surplus of RM80.4 mil from July 2010 & Dec 2010 & and one-off net surplus adjustment in Dec 2011 of RM98.3 mil due to change in actuarial liability valuation basis) * Includes net income from insurance and takaful business & fee income from Islamic operations
18
Unrealised Commission, Investment & gain/(losses) on service charges Trading Income securities & and fees derivatives 2,607 253 (20) 2,671 3,007 3,585 375 428 633 (38) (108) 26
Other Income
978 272 412 394
* Fee based income for CY 2011 includes six months income in second half FY 2011.
19
19
Positive Jaws with overheads increasing 9.4% YoY against revenue growth of 12.0% YoY
Positive Jaws
FY2011 YoY Income Growth (%) YoY Overhead Growth (%) JAWS 8.9% 14.2% (5.3%) FY2012 12.0% 9.4% +2.6%
2,434.5
2,407.4
+1.1%
+1.5%
635.4
553.9
600.4
645.0
+7.4%
+7.9%
8,158.1
7,457.9
+9.4%
+8.1%
1,994.8
1,982.3
2,044.0
2,137.0
+4.6%
+4.3%
20
Group Gross Loans increased by 12.2% YoY with international loans growth of 12.9%, slightly ahead of domestic at 11.8%
Dec 12 317.3 199.8 135.4 64.5 Dec 11 282.8 178.6 120.7 57.8 YoY +12.2% +11.8% +12.2% +11.5% 3Q FY12 304.8 195.2 132.0 63.2 25.1 9.8 QoQ +4.1% +2.3% +2.5% +2.0% +8.8% (1.4%)
27.3
9.6 17.7 81.1 28.9 52.2 20.6
24.7
9.9 14.8 67.2 20.6 46.6 18.4
+10.5%
(2.6%) +19.2% +20.8% +40.4% +12.1% +12.2%
15.3
75.9 21.9 54.0 19.9 2.7
+15.2%
+6.9% +32.2% (3.4%) +3.8% +10.4%
3.0
1.9
+56.8%
*Including Islamic loans sold to Cagamas and excludes unwinding of interest **Takes into account others portion - Dec 12: (0.1) vs Dec 11: 0.1
21
21
Domestic Gross Loans increased 11.8% YoY with robust growth in consumer, SME and corporate loans
RM billion Community Financial Services Consumer Total Mortgage Auto Finance Credit Cards Unit Trust Other Retail Loans Business Banking + SME SME Business Banking Global Wholesale Banking (Corporate) Total Domestic*
Dec 12 135.4 108.3 48.5 31.2 5.4 21.9 1.3 27.1 4.9 22.2 64.5 199.8
Dec 11 120.7 94.9 42.1 27.7 5.3 18.5 1.3 25.8 4.4 21.4 57.8 178.6
YoY +12.2% +14.1% +15.2% +12.9% +1.0% +18.1% +3.9% +5.0% +10.3% +3.9% +11.5% +11.8%
3Q FY12 132.0 104.5 46.9 30.5 5.2 20.6 1.3 27.5 4.7 22.8 63.2 195.2
QoQ +2.6% +3.6% +3.4% +2.3% +2.8% +6.3% +1.4% (1.7%) +3.7% (2.8%) +2.0% +2.3%
22
Group gross deposit increases 10.3%, with international growing faster at 14.0%
Dec 12
Group Gross Deposits* 347.2 227.3 35.5 56.9 114.6 20.3 29.9 3.3 2.9 23.1 0.6 86.1 18.8 14.7 52.6
Dec 11
314.7 209.5 32.9 47.5 103.2 25.9 26.5 2.9 2.8 20.2 0.6 70.4 17.6 12.4 40.4
YoY
10.3% 8.5% 8.0% 19.6% 11.1% -27.5% 12.7% 11.4% 3.8% 14.3% 5.6% 22.3% 6.7% 18.6% 30.2%
3Q FY12
330.5 217.1 34.6 52.2 103.2 27.0 28.8 3.3 2.8 22.1 0.6 80.0 16.8 12.9 50.2
QoQ
5.0% 4.7% 2.7% 8.9% 11.0% -32.6% 3.7% -0.6% 4.7% 4.5% -5.2% 7.6% 11.9% 13.8% 4.9%
Others
Singapore (SGD billion) Savings Deposits Current Accounts
Fixed Deposits
Others Indonesia (Rupiah trillion) Savings Deposits
Current Accounts
Fixed Deposits
* Includes other overseas & subcos figures
23
23
Malaysia
88.8% 88.9% 87.7% 82.6% 83.9% 81.6% 88.0% 86.3%
37.0% 37.3% 36.3% 33.6% 33.6% 33.1% 34.6% 35.1% Jun 10 Dec 10 Jun 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12
43.9% 43.6% 41.6% 38.4% 39.3% 37.2% 40.2% 40.7% Jun 10 Dec 10 Jun 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12
Singapore
87.5% 96.4% 92.5%
BII
86.6% 89.4% 86.7% 90.8%
91.3% 90.7% 88.1% 93.9% 95.4% 94.3% 93.4% 93.1%
81.2%
42.6% 41.9% 40.5% 42.6% 39.3% 38.4% 37.2% 38.9% Jun 10 Dec 10 Jun 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12
24
24
800 700 600 500 400 300 200 100 0 94.5% 86.9%
105.6%
110
4.60%4.67% 4.20%
642.7
90
3.67% 3.34% 3.23% 2.84% 2.83% 2.99% 2.74% 2.39% 2.25%2.18% 2.44% 2.00%1.90% 1.78%
70 449.0 50
230.3
30
1.86%
1.57% 1.28%1.22%
160.0
10
1.09%
-10
2Q FP11 1Q FY12 2Q FY12 3Q FY12 4Q FY12 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 CY12 FY12 1 Jul Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 10 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 Day 1
25
Singapore
GIL Ratio NIL Ratio
BII
GIL Ratio
4.15
4.03 *
NIL Ratio
0.46 0.47
2.43 2.00
2.24
2.10
1.99 0.26
2.09
2.15 2.18
1.59
Jun'11Sep'11Dec'11Mar'12Jun'12Sep'12Dec'12
Jun'11Sep'11Dec'11Mar'12Jun'12Sep'12Dec'12
26
Capital Adequacy remained strong with DRP and RWA optimisation and following equity placement
Full electable portion paid in cash 16.62% 12.81% 10.34% Assuming 85% reinvestment rate 17.24% 13.43% 10.96% Full electable portion reinvested 17.35% 13.54% 11.07%
31 Dec 12
16.86%
17.01%
Note: ^ Core Capital Ratio and Risk Weighted Capital Capital Ratio are computed based on Basel II requirements under BNM. * - Common Equity Tier 1 (CET1) Ratio computation is based on transitional arrangements according to BNMs guideline issued on 28 Nov 12. - Based on 85% reinvestment rate under the DRP, assuming without transitional arrangements, the CET1 Ratio would be at 10.00% (Group) and 8.23% (Bank) respectively. However, if based on MAS capital rules, the CET1 Ratio would be higher by 1.08% (Group) and 0.93% (Bank) respectively. - Assuming without private equity placement of RM3.66 billion, the CET1 Ratio would be lower by 1.30% (Group) and 1.77% (Bank) respectively.
27
79.9%
74.7%
32 18
44
88.6%* 86.1%*
33 #
NA
Final Interim 36
88.5%*
28
91.1%*
32
88.2%
FY11
FP11
FY12
* Reinvestment rate for the Dividend Reinvestment Plan ** adjusted for 1:4 Bonus Issue in February 2008 and 9:20 Rights Issue at RM2.74 in March 2009 # The Net Dividend is 28.5 sen of which 15 sen is single-tier dividend.
28
28
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 29
52
55 61 64 67
Banking Outlook
Resilient household loan demand System loans expanded 10.4% YoY in 2012, down from 13.6% YoY in 2011. Household lending rose by 11.4% YoY while non-household loan growth slid to just 9.2% YoY in Dec 2012. Liquidity was more than ample with a loan-todeposit ratio of 82.1%. Amid stable economic growth, it is projected that loans will grow at 10-11% in 2013. Flowthrough from ETP projects should support lending and PDS activity. NIMs remain under pressure from mortgage book substitution and competitive funding rates but compression should be less this year, given that lending rates have stabilized.
30
30
Banking Outlook
In line with the slowdown in economic growth, bank lending in Singapore is also likely to moderate. Notably, demand for housing loans is anticipated to weaken after the government announced a seventh round of property tightening measures to curb investment purchases.
10.0 5.0
9.1
6.0 3.6 1.2 1.6 2.5
0.3
1.1
0.0
Dec-10
Dec-11
Mar-10
Mar-11
6.0
5.0
4.0
3.0
2.0
CPI % YoY
1.0
May-
May-
Jan-10
Jan-11
Nov-10
Nov-11
Jan-12
May-
0.0
Mar-12
Mar-10
31
Mar-12
Mar-11
Nov-12
Sep-10
Sep-11
Sep-12
Jul-11
Jul-12
Jul-10
Dec-12
Sep-10
Sep-11
Sep-12
Jun-10
Jun-11
Jun-12
31
Banking Outlook
Solid industry performance reflected by high capital adequacy ratio (17.4% FY2012) and well maintained non-performing loans ratio(1.9% FY2012). Credit grew by 23.1% YoY in FY2012, with working capital loans growing by 23.2% YoY, investment credit growing by 27.4% YoY and consumer credit growing by 20.0% YoY. Loan to deposit ratio (LDR) increased from 78.77% in 2011 to 83.58% in 2012. With a decreasing ratio of operating expenses to operational revenues (85.4% in 2011 to 74.10% in 2012), the Indonesian banking sector is reflecting better efficiency.
6.5
5.8
Dec-11
Mar-10
Mar-11
32
Mar-12
Dec-12
Dec-10
Sep-10
Sep-12
Sep-11
Jun-10
Jun-11
Jun-12
32
We will continue building strong differentiators that enable us to pull away from our competitors
An unparalleled yet cost-optimal network coverage of Malaysia, being at the heart of each community we serve.
33
33
3 Change the Cost Structure Extend cost restructuring initiatives throughout the Group Enable cost optimisation by more granular, frequent and automated measurements. Drive continuous improvement in efficiency and effectiveness through business process improvements.
Start harvesting value from regional initiatives Accelerate transformation program in Indonesia Develop clear growth strategy in Singapore Implement transformation to hyper-grow in Philippines Increase network and human capital in Growth markets
Heighten focus on training and job rotation / international assignments Rigorously implement and track productivity metrics throughout the Group Propagate risk-based pricing across all key products and segments.
34
34
Return on Equity
15.0%
35
35
36 36
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 37
52
55 61 64 67
45.2 6.6
38.6
1.1%
Dec 11
Jun 12
Sep 12
Dec 12
Dec' 11
Mar' 12
Jun' 12
Sep 12
Dec 12
Shophouse loans
13.4%
RM billion
5.1
3.0
3.0
3.0
3.0
Dec 11
Jun 12
Sep 12
Dec 12
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
38
28.0
29.1
29.9
30.7
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
65%
64%
65%
65%
65%
87%
87%
88%
88%
88%
35% Dec 11
35% Jun 12
35% Sep 12
35% Dec 12
13% Dec 11
13%
12%
12%
12% Dec 12
Non-national cars
39
Market Share for Billings and Merchant sales is based on 12months running performance Card base excludes Debit cards Merchant and Billings consist of transactions done through Credit, Charge and Debit cards
* Industry figures for cards includes commercial banks and non-FI players
5.11
5.13 5.08
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
40
25.5
26.9
27.6
27.1 SME
51.5
53.2
53.7
56.3 BB SME
21.4
21.2
22.3
22.8
22.2
BB
37.1
38.5
39.5
39.8
41.7
4.5 Dec 11
4.4 Mar 12
4.6 Jun 12
4.7 Sep 12
4.9 Dec 12
13.6
13
13.7
13.9
14.6
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
19.2%
19.9%
21.2%
21.5%
22.1%
10.6%
9.4%
9.0%
8.6%
Dec 11
Mar 11
Jun 12
Sep 12
Dec 12
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
*Classification of SME loans based on Bank Negara definition (SME Loan Size)
41
98.7
104.0
107.9
111.6
117.6
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
6.17 6.09
6.18
6.19
6.21
2.78
2.81
2.84
2.86
2.73
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
Dec 11
Mar 12
Jun 12
Sep 12
Dec 12
* Customer classification: HNW (IA > RM250K, TFA > RM1M); Affluent (IA between RM 50K to RM250K, TFA between RM250K to RM1m) * TFA: Total Financial Assets (Deposits, Investments & Financing), IA: Investable Assets (Deposits & Investments)
42
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 43
52
55 61 64 67
26.9%
32.5 32.5
25.9
+25.4% YoY
Trade Finance1
+0.5% YoY
Dec '11
Mar '12
Jun '12
Sep '12
Oct '12
Nov'12
Overdraft
Corporate Banking Gross Impaired Loans Ratio dropped significantly from 3.89% a year ago to 1.31% in December 2012 resulting from major recoveries
3.89% 2.72%
+15.0% YoY
1.46%
1.46%
1.31%
Trade Finance includes BA, Trust Receipts, ECR, OFCL, STRC, USD (COF) and Factoring 2 Off Balance Sheet Liabilities items includes BG, LC,SG and UBLC 3 Market share of total trade products (On Balance Sheet items, Contingent Liabilities and Others)
Dec '11
Mar '12
Jun '12
Sep '12
Dec '12
44
Global Markets*
PBT and Revenue grew 1.2% and 5.4% YoY respectively
+1.2% RM million 2,064 2,089 2,390 1,098 1,292 FY2011 FY2012 FY2011
68.1
4.8
28.4
34.8 Dec 11
37.8
37.1
36.8
39.1
PBT
Mar 12
Jun 12
Sep 12
Dec 12
CY2011
Government Securities Domestic 30.6%
CY2011
SA (Govt. Guaranteed) 32% Commercial Papers 3% AAA 30% BBB & below 3% A 5% AA 22%
RM80.4 billion
PDS Domestic 16.3%
RM68.1 billion
PDS Domestic 16.5%
A 4%
RM20.8 billion
AA 27%
RM17.1 billion
AAA 35%
45
RM 15.6 billion
RM 11.2 billion
RM 10.4 billion
RM 8.0 billion
RM 1.8 billion
IPO
Astro Malaysia Holdings Berhad Completed October 2012
IPO
Felda Global Ventures Holdings Bhd Completed June 2012
Sukuk
DanaInfra Nasional Bhd Completed July 2012
RM 3.02 billion
RM 616 million
RM 6.6 billion
RM 734.45 million
Term Loan/IB
DRB-Hicom Bhd Completed June 2012
Private Placement
Malaysia Airports Holdings Berhad Completed March 2012
Project Financing
Tanjung Bin Energy Completed March 2012
IPO
Gas Malaysia Completed June 2012
Singapore
Hong Kong
Term Loan
MS Commercial Pte Ltd/ OphirRochor Comm Pte Ltd Completed April 2012
Term Loan
Khazanah Nasional
Completed April 2012
46
Maybank IB now a major Regional Investment Banking player with the addition of Maybank Kim Eng
Maybank Kim Eng is now a leading regional investment
Malaysia League Table Mergers & Acquisitions
Advisor Maybank Ranking 1 Market Share 36.49% Amount MYR (Mil) 46,628.95
bank and broking house with presence in 10 locations. Maybank Kim Eng has also been the No. 1 broker in Thailand for the past 11 years. Since the acquisition of Kim Eng, we have expanded our product catalogue across the countries and are now able to offer our clients with additional products such as debt offerings, futures broking and regional online trading. In Thailand, we have launched Private Wealth Services in FY2012 to our top clients to serve them better and provide them with more investment options. We have also launched a regional online trading platform to provide our clients with easier access to the regional markets.
CIMB
Goldman Sachs & Co Morgan Stanley
2
3 4
30.70%
26.97% 20.23%
39,231.50
24,470.20 25,856.84
13.95%
17,819.71
47
1,331.
RM million
1,207
*Rank is estimated based on market share **Consolidated based on both Vietnam stock exchanges
Brokerage 22%
48 Note: Maybank Kim Eng represents the combined business of Maybank IB and business segments under Maybank Kim Eng Holdings
Maybank Kim Eng 12M FY2012 Maybank IBs (Malaysia) Industry Position & Market Share
FY 2012 Industry Rank by Value M&A1 Equity & Rights Offerings1 Debt Markets Malaysia Domestic Bonds1 Debt Markets Malaysia Ringgit Islamic Bonds1 1 2 Market Share 36.49% 19.7% Total Value (RM bil) 46.6 6.2 Deals / Issues 30 11 CY 2011 Industry Rank by Value 2 2 Market Share 34.6% 15.9% Movement of ranking +1 0
25.6%
30.2
170
27.1%
27.7%
26.5
159
2 5
22.2% 6.5%
Equity Brokerage2
Source: 1 Bloomberg
2
7.1%
57.6
+3
Bursa Malaysia
49
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 50
52
55 61 64 67
Earnings Summary
(SGD mil)
Net Fund Based income Net Fee Based income Net income Overhead expenses
FY12
473.7
FY11
468.7
YoY 1.1%
1.9%
4QFY12 3Q FY12
121.5 120.5
QoQ 0.8%
-20.0%
252.5
726.2 318.7
247.8
716.5 300.7
62.3
183.8 66.7
77.9
198.4 81.7
1.4%
6.0% -2.0% 8.8%
-7.4%
-18.4% 0.4% 6.5%
Operating profit
Profit before taxation
407.5
430.5
415.8
395.6
117.1
123.9
116.7
116.3
51
51
Maybank Singapore
Loans and advances grew 10.6% YoY or S$2.6b to reach S$27.2b at the end of 2012. Business loans increased by 5.4% YoY (or S$S$2.8b) to reach a new high of S$17.6b in December 2012, led by stronger lending to the building & construction and general commerce industries. By product type, both syndicated and term loan registered substantial growth in 2012. Consumer loans fell by 2.5% (or S$0.2b) as the governments curbs on vehicle population growth weighed on automobile financing. Housing loans also fell as the pace of repayments increased amid an increasingly competitive mortgage market.
Asset quality continued to improve in FY 2012
0.46 0.14 0.47 0.18 0.53 0.26 0.62 0.53 0.32 0.53 0.32
Consumer 35%
7.7
Dec 12
Corporate 65%
0.45
0.31
10.4%
10.6% Dec-12
Industry Growth
0.33
8.6%
Jun-10
GIL Ratio
NIL Ratio
52
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 53
52
55 61 64 67
Earnings Summary
(IDR bil) Net Fund Based income Net Fee Based income Net income Overhead expenses Personnel 12M FY12 5,310 2,151 7,461 (4,895) (2,244) 12M FY11 4,005 2,328 6,332 (4,353) (1,919) YoY +32.6% (7.6%) +17.8% +12.5% +16.9% 4QFY12 1,366 512 1,877 (1,228) (560) 3Q FY12 1,368 528 1,895 (1,209) (545) QoQ (0.1%) (3.0%) (0.9%) + 1.6% +2.8%
(2,615)
2,601 (1,147) 242 1,696
(2,434)
1,979 (1,187) 193 985
+7.4%
+31.4% (3.4%) +25.4% +72.2%
(668)
650 (280) 43 414
(664)
687 (313) 85 459
+0.6%
(5.4%) (10.5%) (49.4%) (9.8%)
1,208 21
669 12
+80.6% +75.0%
286 21
330 16
(13.3%) 31.3%
54
69.8
25.8 17.5 26.6
73.5
26.6 19.9 27.1
75.9
26.9 21.1 27.8
80.9
26.6 25.0 29.4
5.88%
5.73%
Dec-11
Mar-12
GWB
Jun-12
SME
Sep-12
Consumer
Dec-12
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
2.2%
2.1%
2.2%
1.2%
1.1%
1.0%
0.9%
1.3%
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Modified LDR (consolidated) as of Dec12 : 79.85% Modified LDR (bank only) as of Dec12 : 77.94%
55
BII: Branches and touch points expansion on track and continued strong growth in PATAMI
Branches and ATM
1,152 952 739 787 351 368 375 389 415 * 11.83% 1,190 1,218 1,237
1,317
12.33%
327
249
255
2008
2009
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
We continue to invest in the expansion of network and IT infrastructure We grew our footprint by successfully adding 64 new branches and 165 new ATMs across the country during 12 months of 2012. We have 415 branches and 1,317 ATMs + CDM as of 31 December 2012 Data for new account opening at branches can be done by scanning the local identity card. First to have this amongst the local banks in Indonesia
PATAMI
1,208
822
725
669
Mobile banking is firmly in place and the Internet banking platforms for individual, supply chain and corporates are continuously being improved Our new trade finance system recently went live in 1Q2012 BII is part of the Maybank IT Transformation Project (ITTP) which will facilitate continuous improvement of the Banks critical and business applications
-41 2004 2005 2006 2007 2008 2009 2010 2011 2012
56
WOM Finance motorcycle business impacted by new regulations but overall, profit improved due to continued focus on underwriting and cost efficiencies
Revenue and PBT (IDR billion)
Stand alone
1,653
In IDR billion
1,467
1,609
170
16
28 New
73
108
Total
Asset Quality
10.03% 8.43% 5.69% 7.86% 5.62% 4.69% 3.23% 1.82% 3.29% 3.43% 3.77% 3.16% 1.46% 8.05% 7.61%
5.72%
2.88%
1.58%
1.75%
1.67%
594 New
876 Total
Dec-11 NBD
Mar-12 FID
Sep-12
Dec-12
Net NPL
57
BII Finance significant growth achieved in both sales and profits as BII rebalances its auto portfolio between cars and motorcycles
Revenue and PBT (IDR billion)
Stand alone
Unit Financed
613.26 34,899 28,578 30,561 37,578
613.26
362.44 203.61 1,983 2,679 YTD Dec'11 total revenue YTD Dec'12 Profit Before Tax New Used Total YTD Dec 2011 YTD Dec 2012
Asset Quality
0.09% 0.09% 0.09% 0.08% 0.09% 0.08% 0.07% 0.06%
0.07%
0.07%
293 4Q11 1Q12 2Q12 Gross NPL 3Q12 Net NPL 4Q12 new
58
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 59
52
55 61 64 67
Market Share
YoY Growth 8.9% 78.8% 19.4% -44.2% 26.9%
Dec-12 AITAB*** Mortgage Term financing 30.0% 21.4% 23.3% Dec-11 31.6% 20.2% 21.1%
* Group Islamic Banking includes Maybank Islamic and the Groups other Islamic operations ** Other operating income comprise of fee income and other income
+45%
12.6
+26%
14.3 11.3
+14%
+32%
+4%
8.0 8.3
Others (CFS)
60
Loss Ratio
+51.6% +4.2% +34.5% - 23.8% +17.9% +11.0% +18.1% +5.8%
-
84.1%
FY2012 12M FY11 63.6% 58.3%
89.5% 74.8%
58.9% 43.1% 32.1% 22.3%
75.0%
61.8%
78.4% 64.6%
79.0%
62.0% Fire Motor MAT
Total Life/Family
Fire Motor MAT Misc Total General Total Life/Family & General
0 500
34.8%
15.4%
Misc
Overall
0.01% + 10.5%
+14.7%
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 RM Million
3.0%
Dec 11 Mar 12 Jun 12 Sep 12 Dec 12
13.5%
Dec 2011
Dec 2012
0.0%
61
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 62
52
55 61 64 67
VND Bil
+24.1%
400.5
497.1
Revenue PBT
FY11
FY12
Asset quality continued to improve with the NPL declined to 2.29% in December 2012 compare to 2.79% in December 2011.
+15.6%
25,591.1
Key Ratios Key Ratios Return on assets Return on equity Cost-to-income ratio Loans to deposit ratio NPL Ratio Net Interest Margin
VND Bil
23,265.7
20,124.6
Gross Loans
Customer Deposits
As at 31 Dec 11
As at 31 Dec 12
63
MCB Bank: PBT rose 3.3% YoY despite the lower NIM
In FY2012, MCB registered a 3.7% YoY in PBT to PKR32.5 bil. The improved result was contributed by the increase in revenue of PKR0.8 bil and efficiency in operations, which resulted in lower operating expenses by PKR0.1 bil. Gross loans achieved growth of 5.1% mainly attributable to the lower interest rate as central bank has reduce policy rates by 250bps during the year. Customer deposits grew 11% to PKR536.2 bil, mainly contributed by corporates. NIM dipped to 6.5% from 7.7% in FY11 affected by the reduction of policy rate. ROE was 25.1% in FY2012. CIR improved from 36.2% to 35.6%.
Key Ratios Key Ratios Return on assets Return on equity Cost-to-income ratio Loans to deposit ratio NPL Ratio Net Interest Margin 31 Dec 2012 FY 2012 2.97% 25.10% 33.30% 43.05% 9.82% 6.77% 31FY 2011 Dec 2011 3.18% 26.23% 36.15% 50.52% 10.75% 7.72%
50.0
+3.7%
PKR Billion
31.3 32.5
Revenue PBT
FY11
FY12
PKR Billion
+5.1%
Gross Loans
249.9
262.6
Customer Deposits
As at 31 Dec 11
As at 31 Dec 12
64
Table of Contents
Executive Summary Financial Performance Prospects & Outlook Appendix: Business Sector Review 1) Community Financial Services 2) Global Wholesale Banking
2 13 31
39 45
3) Maybank Singapore
4) BII 5) Other segments 6) Affiliates 7) Data tables & Glossary
Financial Results: 12 Months FY2012 ended 31 December 2012 65
52
55 61 64 67
2QFY12
2,106.3 441.2 2,547.5 1,344.3 125.6 169.7 1,639.6 4,187.1
(1,994.8)
(196.4) 1,859.6 1,894.6 1,346.9 17.6
(1,982.3)
(226.7) 1,978.1 2,025.8 1,437.5 18.6
(0.6%)
(15.4%) +6.4% +6.9% +6.7% +5.7%
(2,044.0)
(101.3) 1,989.2 2,024.8 1,500.7 19.1
+3.1%
(55.3%) +0.6% (0.01%) +4.4% +2.7%
(2,137.0)
(178.5) 1,915.3 1,949.3 1,459.6 17.3
+4.5%
+76.2% (3.7%) (3.7%) (2.7%) (9.4%)
66
66
(RM mil) Group Gross Loans Malaysia (Rm billion) Community Financial Services Global Wholesale Banking Singapore (SGD billion) Consumer Commercial Indonesia (Rupiah billion) Consumer Non-consumer
9.9
14.6 69.8
9.9
15.4 73.5
9.8
15.3 75.9
9.6
17.7 81.1
(1.4%)
+15.2% +6.9%
21.1
48.7 19.1
21.8
51.7 20.4
21.9
54.0 19.9
28.9
52.2 20.6
+32.2%
(3.4%) +3.8%
Other markets
67
67
RM billion Community Financial Services Consumer Total Mortgage Auto Finance Credit Cards Unit Trust Other Retail Loans Business Banking + SME SME Business Banking Global Wholesale Banking (Corporate) Total Domestic
1QFY12
123.2 97.7 43.4 28.6 5.2 19.2 1.3 25.5 4.3 21.2 59.7 182.9
2QFY12
127.9 101.0 45.2 29.6 5.2 19.7 1.3 26.9 4.6 22.3 64.9 192.8
3Q FY12
132.0 104.5 46.9 30.5 5.2 20.6 1.3 27.5 4.7 22.8 63.2 195.2
4QFY12
135.4 108.3 48.5 31.2 5.4 21.9 1.3 27.1 4.9 22.2 64.5 199.8
QoQ
+2.6% +3.6% +3.4% +2.3% +2.8% +6.3% +1.4% (1.7%) +3.7% (2.8%) +2.0% +2.3%
68
1QFY12
320.2 211.7 33.9
2QFY12
340.3 230.0 35.0
3Q FY12
330.5 217.1 34.6
4QFY12
347.0 227.3 35.5
QoQ
+5.0% +4.7% +2.7%
49.2
105.2 23.4 28.0
50.6
111.3 33.1 28.1
52.2
103.2 27.0 28.8
56.9
114.6 20.3 29.9
+8.9%
+11.0% (32.6%) +3.7%
3.0
2.6 21.8 0.6
3.1
2.9 21.4 0.6
3.3
2.8 22.1 0.6
3.3
2.9 23.1 0.6
(0.6%)
+4.7% +4.5% (5.2%)
72.2
16.1 12.3 43.8
76.7
16.0 13.5 47.3
80.0
16.8 12.9 50.2
86.1
18.8 14.7 52.6
+7.6%
+11.9% +13.8% +4.9%
69
69
87.2
48.7 2.44
86.9
46.9 2.00
90.0
48.9 1.90
89.6
50.2 1.78
(0.4%)
+2.9% (5.3%)
1.58
94.5 28
1.28
104.2 28
1.22
104.7 12
1.09
105.6 21
(8.3%)
+0.9% +75.0%
10.97
15.35
11.42
15.49
12.96
16.71
13.43
17.24
+4.4%
+3.7%
70
Glossary
EIB ETB PATAMI ROE RWCR FY 2010 FY 2011 FP 2011 CY 2011 FY 2012
Etiqa Insurance Berhad Etiqa Takaful Berhad Profit after tax and minority interest Return on average shareholder equity Risk weighted capital ratio Financial year June 2009 to June 2010 Financial year June 2010 to June 2011 Financial period June 2011 to December 2011 Calendar year January 2011 to December 2011 Financial year January 2012 to December 2012
71
71
Humanising Financial Services Across Asia MALAYAN BANKING BERHAD 14th Floor, Menara Maybank 100, Jalan Tun Perak 50050 Kuala Lumpur, Malaysia Tel : (6)03-2070 8833 www.maybank.com Investor Relations Contact
Mohamed Rafique Merican Group Chief Financial Officer Contact: (6)03-2074 7878 Email: rafique@maybank.com.my Narita Naziree Head, Group Business Planning & Investor Relations Contact: (6)03-2074 8101 Email: naritanaziree.a@maybank.com.my Raja Indra Putra Head, Investor Relations Contact: (6)03-2074 8582 Email: rajaindra@maybank.com.my
Disclaimer. This presentation has been prepared by Malayan Banking Berhad (the Company) for information purposes only and does not purport to contain all the information that may be required to evaluate the Company or its financial position. No representation or warranty, express or implied, is given by or on behalf of the Company as to the accuracy or completeness of the information or opinions contained in this presentation. The presentation does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract, investment decision or commitment whatsoever. The Company does not accept any liability whatsoever for any loss howsoever arising from any use of this presentation or their contents or otherwise arising in connection therewith.
72