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FRIDAY | MAY 29, 2026

Maybank reports net profit of RM2.48b for first quarter

PETALING JAYA: Malayan Banking Bhd (Maybank) recorded a net profit of RM2.48 billion for the first quarter ended March 31, 2026 (Q1’26), down from RM2.59 billion a year earlier, as softer trading income offset stronger underlying banking performance. Revenue for the quarter decreased 11.6% to RM14.91 billion from RM16.87 billion posted in the same quarter last year. Earnings were underpinned by improved net interest margins, steady loan growth, disciplined cost management and higher core fee income, particularly from wealth management and investment banking, as well as stronger global markets sales. The gains were partially offset by weaker trading income amid a more challenging market environment. Non-interest income declined to RM1.99 billion, reflecting lower trading and market-related income. Meanwhile, Maybank’s net fund based income rose 3.2% year-on-year to RM5.11 billion, supported by improved margins and stable loan growth, while net operating income fell to RM7.10 billion from RM7.71 billion previously. Net interest margin improved to 2.14% from 2.04% a year ago, supported by a better funding mix and a higher current-account savings-account (Casa) ratio of 41.1% across home markets. Return on equity was stable at 11.2%. Maybank’s operating expenses declined 5.3% year-on-year and 3.1% quarter-on-quarter, despite continued technology investments, resulting in a cost-to-income ratio of 49.9%. Asset quality remained stable, with the gross impaired loans ratio at 1.34% and loan loss coverage at 104.4%, or 113.6% excluding a provision reclassification related to a major restructured borrower. The net credit charge-off ratio improved to 10 basis points, reflecting lower provisions for corporate borrowers, partly offset by additional overlays of RM2.4 billion for emerging macroeconomic and PETALING JAYA: Berjaya Corporation Bhd (BCorp) recorded revenue of RM2.19 billion and incurred a pre-tax loss of RM118.33 million for Q3 ended March 31, 2026 (FY26), compared to revenue of RM2.54 billion and a pre tax loss of RM8.88 million in the same period of the previous year. The group’s performance for the quarter was driven by the retail (non food) business, which reported lower revenue, mainly due to a lower contribution from HR Owen Plc, reflecting lower sales volume in both the new and used car segments. The longer vehicle product life cycle, coupled with transition gaps between new model launches, led to the poor sales performance. In addition, when translated into ringgit, the revenue reduction was further impacted by unfavourable foreign exchange translation effects. The non-food retail business segment reported a lower pre-tax profit, in line with the drop in revenue, and higher statutory employment

o Softer trading income offsets stronger underlying banking performance

increased year-on-year due to the absence of one-off recoveries recorded in the prior year. Balance sheet momentum remained firm, with corporate loans in Malaysia rising 4.9% and CASA deposits up 17.1%, led by Singapore. Mid-cap banking continued to outperform, with income rising 13% and loans up 10.7%. Global markets foreign exchange sales increased 9.2%, reflecting sustained client activity. Maybank Islamic reported a 9.8% increase in net operating income to RM2.34 billion, while profit before tax was flat at RM1.13 billion. Gross financing in Malaysia grew 8.6% to RM326.3 billion, driven by expansion in both group global banking and community financial services portfolios. Islamic financing accounted for 72.8% of Maybank Malaysia’s total loans and financing as of March 31, 2026. The Islamic banking arm maintained its market leadership, with a 30.6% share of Islamic assets in Malaysia. Islamic wealth management assets under management rose 8.6% to RM105.49 billion. Etiqa Insurance and Takaful posted a higher profit before tax of RM271.6 million, compared with RM266.5 million a year earlier, supported mainly by stronger investment income from improved equity market performance. However, underwriting income declined due to higher claims provisions and experience in the life and family business segments. Etiqa retained its market

geopolitical risks. Maybank president and group CEO Datuk Seri Khairussaleh Ramli ( pic ) said the group’s Q1’26 performance reflects the strength and resilience of its diversified franchise and disciplined execution amid volatile market conditions. “Maybank continued to deliver steady earnings supported by stronger net interest margin, prudent cost management and broadly stable asset quality during the quarter. We also saw continued progress across several key businesses, particularly wealth management, investment banking and flow business, reflecting the strength of the group’s customer franchise. “Our balance sheet fundamentals remain sound with strong capital and liquidity buffers, as well as continued Casa strength across our home markets, enabling us to continue supporting individuals, SMEs and large corporates. “As we progress with ROAR30, we are focused on deepening regional connectivity across Asean and advancing sustainable growth across the region, while maintaining pru dent risk management amid ongoing macroeconomic and geopolitical uncertainties,” he said. Maybank’s key business segments posted mixed results in Q1’26, with stronger growth in lending, wealth and Islamic banking offset by weaker costs arising from newly implemented United Kingdom (UK) labour regulations effective April 2025. The retail (food) business reported an improvement in revenue, mainly attributable to contributions from the group’s overseas operations and higher revenue from the Starbucks operations in Malaysia, despite a reduced number of operating stores. These improvements offset the lower revenue from the Kenny Rogers Roasters operations in Malaysia, which was mainly due to the continued closure of non-performing stores during the current financial quarter. The food retail business reported a lower pre-tax loss, mainly due to improved profit margins from cost saving initiatives and store rationalisation, as well as lower depreciation and amortisation charges following the impairment losses recognised in the previous financial year. As for property, the segment

trading higher impairment charges in some units. Group community financial services recorded a 44.1% year-on year increase in profit before tax to RM1.86 billion, supported by higher net operating income, lower overheads and a sharp decline in allowance for loan losses. Net operating income rose 2.5% to RM4.37 billion, while overheads fell 5%. Loans grew across all home markets, with Malaysia up 5.7%, Singapore 10.6%, and Indonesia 5.3%. Wealth management continued its steady expansion, with total financial assets rising 3.7% year-on year to RM559 billion, driven by growth in both investments and lending. Group global banking reported profit before tax of RM1.45 billion. The performance was supported by investment banking and advisory income of RM117.9 million, which helped offset softer Global Markets activity. Net operating income stood at RM2.71 billion, weighed by lower trading income, while net fund based income rose 2.5% on improved margins. Impairment provisions income and reported higher revenue for the current quarter, mainly due to higher progress billings from its projects at Residensi Oak, Bukit Jalil and Pangsapuri Azalea, Subang Heights. This was partially offset by lower sales of residential units from a local project in the current quarter. The property segment’s pre-tax profit was primarily driven by the higher revenue as reported. Meanwhile, the hospitality segment reported higher revenue, primarily attributed to higher overall occupancy rates in the current quarter and a lower pre-tax loss, in line with the higher revenue. The services segment recorded lower revenue, mainly due to lower revenue contributions from STM Lottery Sdn Bhd, as the previous year’s corresponding quarter benefited from stronger sales driven by higher accumulated jackpot prizes from the Supreme Toto 6/58 game. Further, there were fewer draws conducted in the current quarter (41 versus 42).

positions, ranking first in general insurance and takaful and fourth in life and family new business in Malaysia. Meanwhile, Maybank Singapore reported an 8.4% increase in profit before tax to S$194.39 million, driven by higher fund-based income and disciplined cost management. Net fund-based income rose 27.5% to S$246.17 million, supported by lower funding costs and improved margins, which offset weaker asset yields and softer non-interest income. Maybank Indonesia posted a 2.1% increase in net fund-based income to 1.82 trillion rupiah, supported by lower funding costs and a better deposit mix. However, profit before tax declined 21.5% to Rp397 billion, mainly due to weaker global markets trading income. RM6.71 billion and incurred a pre-tax loss of RM81.72 million for the financial period ended March 31, 2026, compared to a revenue of RM6.97 billion and a pre-tax loss of RM149.47 million in the previous year’s corresponding period. The group’s performance during the nine-month period was contributed to by the retail (non-food) business, which reported a decline in revenue primarily due to lower contribution from HR Owen, arising from reduced sales volume in the new car segment. The subdued performance of the new car sector was mainly attributed to extended vehicle product life cycles, which continued to constrain the model mix and availability of new models. In addition, cus tomers remained cautious in their luxury spending amid prolonged eco nomic uncertainty. Turn to page 14

Berjaya Corp posts revenue of RM2.19 billion for third quarter of FY26

In addition, lower revenue was reported by the telecommunications network services (MTNS) business. The decrease in MTNS revenue was mainly due to certain projects nearing the end of their deployment phase, with several projects having been completed in the previous financial year. The lower pre-tax profit reported by the services segment was mainly due to lower revenue from gaming operations and MTNS for the current financial quarter. For the nine-month period of FY26, the group registered revenue of