Share Price: RM10.70 | Target Price: RM11.60 | Rating: Trading Buy
For FY24, Maybank’s net fund-based income grew by 2% YoY to RM19.69bn, supported by a decent loan growth of 5.3% YoY, close to 2024 industry loan growth of 5.5%. The growth in loans was mainly driven by mortgage loans in Malaysia (+12.4% YoY). We forecast a loan growth of 5% for FY25, supported by a GDP growth of 4.9%. Meanwhile, NoII growth was a robust 22.6% YoY to RM9.88bn, on higher core fees and insurance income.
MAYBANK Results Update for Q4 Ending 31/12/24
Research House: Public Bank Investment Bank (PIB)
Analyst: Wong Ling Ling
FY2025 Forecast: Net Profit: RM10,574m | EPS: RM0.876 | DPS: RM0.611