Maybank Singapore’s profit before tax doubles to S$655.92m in 2022

This was reportedly thanks to higher income and lower loan loss allowances.

Maybank Singapore’s full year profit before tax doubled to S$655.92m in 2022, according to the bank’s latest financial results announcement.

This is more than double its 2021 PBT of S$324.92m.

Malaysia’s biggest bank by assets said that its profit rise was mainly thanks to higher income and lower loan loss allowances due to “significant” recoveries.

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Non-interest income was also significantly higher by 51.5% at S$406.75m compared with S$268.44m a year earlier. 

Maybank attributed the rise of non-interest income to a boost in treasury fees as well as credit related fees & cards commission.

Loans expanded slightly by 0.5% year-on-year.