MALAYAN BANKING BERHAD (MAYBANK 1155)
SNAPSHOT
Founded by Singaporean business tycoon Tan Sri Khoo Teck Puat in 1960, Malayan Banking Berhad (fondly known as Maybank) is currently Malaysia’s largest bank with a strong regional presence in Malaysia, Singapore and Indonesia. It is the most profitable bank in Malaysia with the largest customer deposit base and loan book. Maybank’s tagline “Humanising Financial Services” reflects the bank’s focus on putting people at the heart of its operations, making banking simple, accessible, and meaningful to communities. Among all the banks in Malaysia, Maybank has the highest dividend payout ratio currently, although this benefit had been somewhat offset by the share capital increase and earnings dilution due to the company’s Employee Share Grant Plan and previously its Dividend Reinvestment Plan.
| YE 31-Dec | 2020 | 2021 | 2022 | 2023 | 2024 |
| Profit Before Tax (RM mil) | 8,657 | 10,886 | 12,153 | 12,532 | 13,702 |
| Net Profit After Tax (RM mil) | 6,481 | 8,096 | 8,235 | 9,350 | 10,089 |
| EPS (RM) | 0.577 | 0.697 | 0.688 | 0.7755 | 0.836 |
| DPS (RM) | 0.52 | 0.58 | 0.58 | 0.60 | 0.61 |
| Net Loans (RM mil) | 511,310 | 540,839 | 574,026 | 628,923 | 662,741 |
| Customer Deposits (RM mil) | 556,349 | 588,968 | 614,895 | 670,359 | 712,915 |
| Shareholders Funds (RM mil) | 84,436 | 85,811 | 85,957 | 94,642 | 93,971 |
| Net Assets / Total Assets (%) | 10.2% | 10.0% | 9.4% | 9.5% | 9.0% |
| NTA per share (RM) | 6.92 | 6.66 | 6.57 | 7.23 | 7.21 |
| No of Shares (millions) | 11,241 | 11,879 | 12,054 | 12,066 | 12,067 |
| Share Price – Close (RM) | 8.46 | 8.30 | 8.70 | 8.89 | 10.24 |
| Financial Ratios (%) | |||||
| Return on Av Equity | 7.8% | 9.5% | 9.6% | 10.4% | 10.7% |
| Cost to Income Ratio | 45.9% | 47.8% | 49.5% | 47.2% | 47.9% |
| Loan to Deposit Ratio | 94.0% | 93.8% | 95.3% | 95.4% | 94.4% |
| Impaired Loans | 2.2% | 2.2% | 2.0% | 1.6% | 1.5% |
| Net Interest / Total Interest Income | 57.3% | 69.9% | 64.0% | 42.3% | 39.1% |
| Interest Income / Av Net Loans | 3.78% | 3.27% | 3.88% | 5.03% | 5.07% |
SHARE TRADING SUMMARY CY2025
| Share Price - High | RM10.76 |
| Share Price - Low | RM9.32 |
| Share Price - Close @ 31/12/25 | RM10.48 |
| Average Daily Volume | 11,287,635 shares |
| Volume - High | 81,816,703 shares |
| Volume - Low | 2,682,500 shares |
| Total Annual Volume | 2,754,183,009 shares |
|
Annual Turnover (% of Share Capital) |
22.8% |
TOP SHAREHOLDERS
| As at 28 February 2025 | Direct | Deemed |
| Amanah Saham Bumiputra | 30.89% | - |
| Employees Provident Fund Board | 12.88% | - |
| Permodalan Nasional Berhad | 6.53% | - |
| Yayasan Pelaburan Bumiputra | - | 6.53% |
| Kumpulan Wang Persaraan (Diperbadankan) | 4.75% | - |
| Total | 55.05% |
KEY STRENGTHS
Maybank is a market leader in consumer banking and a strong player in Islamic banking, corporate banking and insurance services. It is considered a government-linked company (GLC) because several Malaysian government-linked investment arms are its primary shareholders, implying a degree of government influence and potential indirect favor. Unlike Petronas, it is not wholly owned by the government, but the significant stake held by government entities means the government has a notable influence on management and governance decisions, impacting the bank’s strategic direction alongside other government-linked agencies.
Its strategic position as the “anchor bank” places it as an important pillar for the Malaysian economy and helps address potential market failures and allows the government to steer the financial sector in certain strategic directions.
The largest shareholders of Maybank include the Employees Provident Fund (EPF or KWSP), Permodalan Nasional Berhad (PNB), Amanahraya Trustees Berhad (a government-owned trustee company that administers Amanah Saham funds) and Kumpulan Wang Persaraan (KWAP) who collectively control well over 50% of the bank’s share capital.
As a GLC, Maybank’s operations are often aligned with national economic goals and government initiatives with potential for favourable treatment as compared to other non-GLC banks. While direct, explicit “favors” in the form of unfair advantages are not openly documented, the nature of being a majority state-owned enterprise inherently positions Maybank to work closely with the government and participate in state-driven economic initiatives. Notwithstanding this, Maybank has actively collaborated with government bodies and regulators to drive investments in specific economic zones and support the local SME ecosystem, demonstrating a close working relationship with the public sector.
FY2024 SEGMENT EARNINGS (RM mil)
| Consumer Banking | 2,824,745 |
| Commercial Banking | 2,065,431 |
| Wholesale Banking | 3,848,317 |
| Digital / Group Funding | 1,657,435 |
| Profit Before Tax (FY2024) | 10,395,928 |
LOAN SEGMENTATION
FINANCIALS
|
(RM '000) Year Ending |
2023 31-Dec |
2024 31-Dec |
| Revenue | 64,466,824 | 68,942,785 |
| Interest Income | 30,230,550 | 32,769,873 |
| Interest Expense | (17,439,028) | (19,962,450) |
| Net Interest | 12,791,522 | 12,807,423 |
| Islamic Banking Income | 7,577,195 | 8,346,399 |
| Insurance Service Result | 550,098 | 1,284,513 |
| Net Finance Expense from Insurance Contracts | (1,545,851) | (1,931,829) |
| Other Operating Income | 6,547,785 | 7,713,960 |
| Other Operating Expenses | (11,948,408) | (13,108,195) |
| Impairment on Loans, Advances and Financing | (1,826,212) | (1,670,545) |
| Impairment on Other Assets | 145,147 | 23,537 |
| Share of Results of Associates & JV | 240,325 | 236,302 |
| Profit Before Tax from Continuing Operations | 12,531,601 | 13,701,565 |
| Tax Expense | (2,916,739) | (3,195,179) |
| Profit After Tax from Continuing Operations | 9,614,862 | 10,506,386 |
| Profit After Tax | 9,614,862 | 10,506,386 |
| Non-Controlling Interests | (265,082) | (417,713) |
| Net Profit After Tax | 9,349,780 | 10,088,673 |
| EPS Basic / Diluted (RM) | 77.6 | 83.6 |
|
(RM '000) Year Ending |
2023 31-Dec |
2024 31-Dec |
| Net Loans | 628,922,780 | 662,740,860 |
| Cash | 28,904,035 | 40,522,520 |
| Deposits with FI | 13,471,607 | 22,275,032 |
| Fin Assets (FVPL) | 35,970,200 | 33,274,540 |
| Fin Assets (FVCI) | 132,182,135 | 128,177,404 |
| Fin Investments (Amortized) | 84,384,398 | 79,377,492 |
| Derivative Financial Instruments | 21,647,554 | 23,417,580 |
| Statutory Deposits | 15,739,735 | 17,166,509 |
| Intangible Assets | 7,361,911 | 6,993,290 |
| Right-Of-Use Assets | 1,636,137 | 1,456,464 |
| Associates & JV | 2,105,534 | 1,857,728 |
| Other Assets | 55,348,593 | 58,062,537 |
| Total Assets | 1,027,674,619 | 1,075,321,956 |
| Deposits from Customers | 670,359,336 | 712,915,459 |
| Deposits from Financial Institutions | 44,676,892 | 47,051,220 |
| Investment accounts of customers | 26,475,396 | 28,981,847 |
| Obligations on Securities Sold under Repurchase Agmts | 38,072,708 | 32,831,691 |
| Bills and Acceptances Payable | 1,133,170 | 1,214,634 |
| Recourse Obligations on Loans Sold to Cagamas | 10,145,549 | 11,157,808 |
| Derivative Financial Liabilities | 25,082,955 | 27,494,477 |
| Insurance Contract Liabilities | 44,580,552 | 46,129,398 |
| Debt Securities & Borrowings | 39,804,133 | 40,203,555 |
| Subordinated Obligations | 10,145,549 | 11,157,808 |
| Capital Securities | 2,829,802 | 1,576,770 |
| Other Liabilities | 16,720,414 | 17,400,152 |
| Total Liabilities | 930,026,456 | 978,114,819 |
| NET ASSETS | 97,648,163 | 97,207,137 |
| Share Capital | 54,673,596 | 54,736,195 |
| Retained Profits | 31,672,801 | 34,028,358 |
| Regulatory Reserves | 2,473,192 | 2,846,576 |
| Other Reserves | 5,822,028 | 2,359,499 |
| Shareholder Funds | 94,641,617 | 93,970,628 |
| Non-Controlling Interests | 3,006,546 | 3,236,509 |
| TOTAL EQUITY | 97,648,163 | 97,207,137 |
| No of Shares (Thousands) | 12,060,237 | 12,066,952 |
| Weighted Av Shares (Thousands) | 12,056,164 | 12,066,393 |
| Share Price (RM) | 8.89 | 10.24 |
|
(RM '000) Year Ending |
2023 31-Dec |
2024 31-Dec |
| Profit Before Tax | 12,531,601 | 13,701,565 |
| Non-Cash Items (Depreciation, Share of Associates, Loan Impairments & Other Items) | (240,325) | (236,302) |
| Operating Profit Before Working Capital Changes | 13,635,171 | 13,608,691 |
| Loans, Advances and Financing | (43,044,117) | (52,860,582) |
| Movement in Other Operating Assets | (2,737,944) | (4,514,831) |
| Deposits from Customers | 45,170,303 | 54,096,370 |
| Movement in Other Operating Liabilities | 1,099,051 | 8,563,853 |
| Income Tax Expense and Zakat Paid | (3,368,687) | (3,264,012) |
| Other Operating Items | 225,964 | (283,446) |
| Cash Flow from Operating Activities | 1,794,949 | 28,783,976 |
| Net Purchase of Property Plant & Equipment | (435,688) | (391,753) |
| Net Sale/(Purchase) of Fin Investments | (856) | 0 |
| Other Investing Items | (16,423) | (65,313) |
| Cash Flow from Investing Activities | (691,852) | (291,895) |
| Dividends Paid to Shareholders | (7,111,935) | (7,240,171) |
| Dividends Paid to Non-Controlling Interests | (138,441) | (180,680) |
| Repayment of Lease Liabilities | (657,114) | (589,373) |
| Net Issuance/(Redemption) of Debt Securities | (93,390) | (240,000) |
| Cash Flow from Financing Activities | (11,539,554) | (8,007,366) |
| Net Cash Flow | (10,436,457) | 20,484,715 |
| Effects of Exchange Rate Changes | 707,429 | (773,804) |
Income & Cost Metrics
| Year Ending |
2023 31-Dec |
2024 31-Dec |
| (RM'000) | ||
| Interest Income | 30,230,550 | 32,769,873 |
| Interest Expense | (17,439,028) | (19,962,450) |
| Net Interest | 12,791,522 | 12,807,423 |
| Islamic Banking Income | 7,577,195 | 8,346,399 |
| Insurance Service Result | 550,098 | 1,284,513 |
| Net Finance Expense from Insurance Contracts | (1,545,851) | (1,931,829) |
| Other Operating Income* | 6,547,785 | 7,713,960 |
| Total Operating Income | 25,920,749 | 28,220,466 |
| Operating Cost** | (11,948,408) | (13,108,195) |
| Cost-to-Income Ratio (%) | 46.1% | 46.4% |
| Year Ending |
2023 31-Dec |
2024 31-Dec |
| *Other Operating Income (RM'000) | ||
| Fee & Commission Income (Net) | 2,073,338 | 2,478,176 |
| Realised Gain/(Loss) on Fin Instruments | 319,914 | 2,069,357 |
| Unrealised Gain/(Loss) on Fin Instruments | 1,684,708 | 1,016,116 |
| Dividend Income | 210,095 | 294,512 |
| Foreign Exchange Gain/(Loss) | 1,996,239 | 1,355,807 |
| Other Income | 263,491 | 499,992 |
| Total | 6,547,785 | 7,713,960 |
| Annual Report Ref (PDF Page) |
Note 40 (p150-p151) |
Note 40 (p145-p146) |
| Year Ending |
2023 31-Dec |
2024 31-Dec |
| **Operating Cost (RM'000) | ||
| Personnel Costs | (7,779,014) | (8,569,296) |
| Establishment Costs | (2,172,396) | (2,379,549) |
| Marketing Expenses | (564,964) | (633,354) |
| Administration and General Expenses | (1,432,034) | (1,498,996) |
| Total Operating Cost | (11,948,408) | (13,108,195) |
| Annual Report Ref (PDF Page) | Note 42 (p152) | Note 42 (p147) |
| Profit Before Tax (RM'000) | 12,531,601 | 13,701,565 |
| Personnel Costs / Profit Before Tax (%) | 62.1% | 62.7% |
| Personnel Costs / Operating Cost (%) | 65.1% | 65.6% |
STAKEHOLDERS
Directors & CEO Remuneration
Executive & CEO: RM13.4 million
Non-Executive: RM15.1 million
CEO: RM13.4 million - View
Executive & CEO: RM12.4 million
Non-Executive: RM14.1 million
CEO: RM12.4 million - View
Executive & CEO: RM16.7 million
Non-Executive: RM14.5 million
CEO: RM16.7 million - View
Executive & CEO: RM10.3 million
Non-Executive: RM13 million
CEO: RM10.3 million - View
Directors & CEO Interests
Senior Management Shareholders
CORPORATE DEVELOPMENTS
Selldown of 50 million shares by Consolidated Teh
Further to their announcement on 10/10/24, the Estate of the late Tan Sri Teh Hong Piow (via Consolidated Teh Holdings Sdn Bhd) has announced the disposal of 50 million shares (0.26%) in Public Bank Bhd. The date of change was shown as 8/10/25. The Teh family still holds over 22% of the banking group after the sell down. The family is required to gradually reduce its stake to 10% within five years through a restricted offer for sale (ROFS) to comply with the Financial Services Act. Which means it still needs to sell down well over 2 billion shares over the next 4 years or over 500 million shares each year on average.
Public Bank shares closed at RM4.34 on 8/10/25 with 4.9 million shares traded at a range of RM4.31 to 4.34. For the preceding
Goodwill Impairment for Public Bank
Public Bank Bhd’s upcoming Q4 results, scheduled for release on 26/2/25, are expected to reflect the financial impact of the goodwill impairment at its 73.2%-owned subsidiary, Public Financial Holdings (PFH), which had recorded a goodwill impairment on its wholly owned subsidiaries, Public Bank (HK) Ltd, Public Finance Ltd, and Winton (BVI) Ltd. The impairment was approximately HK$810 million or RM463 million.
(Source: TheEdge)
Public Bank Completion of LPI Acquisition
Public Bank (PBB) completed its acquisition of a 44.15% stake in LPI Capital (LPI) in December 2024, acquiring it from the estate of Tan Sri Teh Hong Piow and his private vehicle, Consolidated Teh Holdings Sdn Bhd. This acquisition was for a total of RM1.72 billion in cash, or RM9.80 per share. As a result, PBB now holds a controlling stake* in LPI.
Key Details:
Acquisition: PBB acquired a 44.15% stake in LPI Capital.
Value: The acquisition was valued at RM1.72 billion in cash, or RM9.80 per share which is 1.71x LPI’s book value and 12.4x 2023 earnings.
The stake was acquired from the Estate of Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd.
LPI share price closed at RM13.14, while PBB at RM4.53 at completion of the acquisition on 4/12/25.
Consequences of the Acquisition:
- Public Bank now holds a controlling stake in LPI, giving it greater influence over its operations.
- As a subsidiary of Public Bank, LPI is required to dispose of its 1.1% stake in PBB within 12 months due to the acquisition.
- The sale of Public Bank shares by LPI could potentially lead to special dividends for LPI shareholders, some estimates suggest RM1.89 per share.
- The acquisition aligns with PBB’s strategy to enhance its presence in the insurance sector through LPI, a leading general insurer in Malaysia.
- Some analysts expect the acquisition to be earnings accretive for Public Bank, potentially boosting group earnings by around 2%
*PBB considers that it controls LPI Capital Bhd (“LPI”) even though it owns less than 50% of the voting rights. This is because the Group is the single largest shareholder of LPI with a 44.15% equity interest. The remaining 55.85% of the equity shares in LPI are widely held by many other shareholders, none of which individually hold more than 10% of the equity shares (as recorded in the company’s shareholders’ register on 4 December 2024. Since the date of acquisition of LPI on 4 December 2024, there has been no history of the other shareholders collaborating to exercise their votes collectively or to outvote the Group.
Source: Public Bank Berhad 2024 Integrated Annual Report Financial Statements P39.
Public Bank Acquisition of Lonpac and Teh Family Divestment
On 10/10/24 it was reported that Public Bank Bhd would acquire 44.15% stake in LPI Capital for RM1.72bil by launching a Mandatory General Offer for LPI at RM9.80/share. Teh Li Shian Diona, daughter of the late Tan Sri Dr Teh Hong Piow also announced that the Estate and Consolidated Teh Holdings Sdn Bhd intended to undertake a restricted offer for sale of a portion of their Public Bank shares over a 5-year period, in compliance with the Financial Services Act. The acquisition of 44.15% in LPI Capital (175.9 million shares) was completed on 4/12/24.
(Source: TheStar, TheEdge)