LKF Partners

MALAYAN BANKING BERHAD (MAYBANK 1155)

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Quarterly Results | Analyst Ratings | Commentary

QUARTERLY RESULTS

Quarter Ending Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Interest Income 8,311,144 8,125,028 8,055,836 7,740,014 7,505,920 7,148,598 6,956,662 6,422,816
Interest Expense (5,118,747) (5,016,708) (4,703,217) (4,517,792) (4,333,407) (3,880,571) (3,462,412) (3,153,746)
Net Interest 3,192,397 3,108,320 3,352,619 3,222,222 3,172,513 3,268,027 3,494,250 3,269,070
Islamic Banking Income 2,129,751 2,109,403 2,016,899 2,064,354 2,210,435 2,092,827 2,285,657 2,185,180
Net Insurance/Takaful 0 9,348 100,675 325,743 (377,449) (642,309) 243,677 369,853
Other Operating Income (incl Insurance & Takaful) 2,021,797 2,002,157 1,951,843 2,099,840 2,678,922 2,745,226 1,495,566 1,275,399
Other Operating Expenses (3,593,487) (3,521,796) (3,687,474) (3,742,945) (3,785,049) (3,652,859) (3,658,346) (3,545,537)
Prov for Loan Losses (379,834) (349,553) (373,354) (426,378) (431,433) 254,394 (8,976) (484,692)
Impairment of Fin Investments 0 0 0 0 (43,168) (608,312) (216,903) 279,027
Associates 72,262 44,258 52,932 51,321 86,793 49,250 86,904 (57,828)
Profit Before Tax 3,442,886 3,402,137 3,414,140 3,594,157 3,511,564 3,506,244 3,721,829 3,290,472
Tax Expense (792,431) (817,167) (739,218) (950,769) (809,306) (786,967) (955,404) (742,518)
Profit After Tax 2,650,455 2,584,970 2,674,922 2,643,388 2,702,258 2,719,277 2,766,425 2,547,954
Non-controlling Interests (120,813) (46,643) (142,690) (54,531) (74,229) (97,873) (90,767) (67,296)
Net Profit After Tax 2,529,642 2,538,327 2,532,232 2,588,857 2,628,029 2,621,404 2,675,658 2,480,658
Diluted EPS (sen) 20.96 21.04 20.98 21.45 21.75 21.70 22.15 20.53
BALANCE SHEET
Gross Loans 667,445,939 662,420,819 672,930,718 678,687,189 676,196,883 680,542,664 685,639,884 685,639,884
Impaired Loans (10,624,871) (10,179,786) (10,189,858) (11,625,995) (9,956,809) (9,236,808) (8,658,504) (11,467,281)
Net Loans 656,821,068 652,241,033 662,740,860 667,061,194 666,240,074 671,305,856 676,981,380 674,172,603
Total Assets 1,063,681,791 1,050,552,206 1,075,321,956 1,082,608,588 1,073,237,563 1,067,383,874 1,053,583,593 1,054,398,713
Deposits from Customers 677,736,752 677,528,849 712,915,459 714,583,927 718,937,183 707,342,603 698,210,227 687,086,413
Deposits from Financial Institutions 57,490,303 57,208,902 47,051,220 57,604,565 49,229,315 50,646,916 42,587,329 51,318,976
Total Liabilities 965,496,233 956,842,219 978,114,819 986,900,022 975,776,579 971,390,765 956,741,750 960,606,847
Net Assets 98,185,558 93,709,987 97,207,137 95,708,566 97,460,984 95,993,109 96,841,843 93,791,866
Share Capital 54,736,195 54,736,195 54,736,195 54,877,233 54,882,314 54,882,314 54,882,333 54,882,333
Shareholders Equity 95,138,313 90,617,839 93,970,628 92,419,717 94,172,917 92,669,563 93,444,627 90,341,406

ANALYST RATINGS

Results Announcement Date: 28 May 2026 (Closing Share Price: RM10.50)
Below is a summary of analyst ratings and forecasts for Maybank as at 29 May 2026:

Rating Target Price EPS
FY2026 (E) 		EPS
FY2027 (E) 		DPS
FY2026 (E) 		DPS
FY2027 (E) 		Remarks
Affin Hwang Investment Bank Buy 12.25 0.855 0.881 0.65 0.68
Hong Leong Investment Bank Buy 11.90 0.823 0.877 0.601 0.64
RHB Investment Bank Buy 12.20 0.87 0.91 0.63 0.66
UOB Kay Hian Hold 11.58 0.978 0.999 0.662 0.693
Average 11.89 0.89 0.93 0.63 0.66
*(E) = Estimate/Forecast
Results Announcement Date: 26 February 2026 (Closing Share Price: RM12.00)
Below is a summary of analyst ratings and forecasts for Maybank as at 27 February 2026:

Rating Target Price EPS
FY2026 (E) 		EPS
FY2027 (E) 		DPS
FY2026 (E) 		DPS
FY2027 (E) 		Remarks
Hong Leong Investment Bank Buy 13.00 0.899 0.948 0.657 0.693
RHB Investment Bank Buy 13.20 0.91 0.95 0.66 0.69
UOB Kay Hian Hold 12.30 0.999 1.02 0.684 0.708
Average 12.83 0.94 0.97 0.67 0.70
*(E) = Estimate/Forecast
Results Announcement Date: 21 November 2025 (Closing Share Price: RM9.94)
Below is a summary of analyst ratings and forecasts for Maybank as at 24 November 2025:

Rating Target Price EPS
FY2025 (E) 		EPS
FY2026 (E) 		DPS
FY2025 (E) 		DPS
FY2026 (E) 		Remarks
Affin Hwang Investment Bank Buy 11.80 0.861 0.900 0.590 0.610
Hong Leong Investment Bank Buy 10.70 0.861 0.879 0.627 0.641
Public Investment Bank Outperform 11.20 0.854 0.872 0.620 0.630
RHB Investment Bank Buy 11.30 0.86 0.91 0.62 0.64
UOB Kay Hian Hold 10.52 0.912 0.935 0.676 0.696
Average 11.10 0.87 0.90 0.63 0.64
*(E) = Estimate/Forecast

COMMENTARY

Maybank Results Update (Dec 2025)
27 February 2026

Maybank Results Update FY2025Q4 (DECEMBER 2025)

Results Announcement Date: 26 February 2026 (Closing Share Price: RM12.00)

For the fourth quarter ending 31/12/25, Maybank’s Net Profit was up 5.7% from pcp on the back of lower loan loss provisions. Net Profit for the full year was up 4.2% to RM10.5 bil. This equates to an EPS of 87 sen and Return on Equity of 11.1% for FY2025.

Since 31/12/24, Net Loans were up 2.2% while Customer Deposits fell 2.1% from RM712.9 bil to RM698.2 bil. The decline was driven by a large fall in individual deposits from from RM275.6 bil to RM178.9 bil, partially offset by an increase in deposits from Government and Business Enterprises of RM20.6 bil and RM56 bil respectively. The changing deposit mix resulted in CASA ratio increasing from 34.4% to 38.4%.

Maybank’s ROAR30 strategy aims to deliver stronger and sustainable growth with the following targets:

  • Return on Equity (ROE) of 13-14% by 2030
  • Net Interest Margin (NIM) of >2.05%,
  • Cost-to-Income Ratio (CIR) of ≤47%
  • CASA ratio of >41%

Meantime, the below is management’s guidance for FY2026:

  • ROE ≥11.8%
  • CIR of ≤49%
  • Credit Cost of around 0.2% G
    Loan Growth of 4-5% in constant currency terms (FY25: 2%)
  • NIM of 2.05-2.1% (FY25: 2.05%)

Assuming ROE of 11.8%, Net profit for FY2026 will amount to RM11.0 billion (an EPS of 91 sen).

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