QUARTERLY RESULTS
| Quarter Ending | Jun-24 | Sep-24 | Dec-24 | Mar-25 | Jun-25 | Sep-25 | Dec-25 |
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Interest Income | 8,311,144 | 8,125,028 | 8,055,836 | 7,740,014 | 7,505,920 | 7,148,598 | 6,956,662 |
| Interest Expense | (5,118,747) | (5,016,708) | (4,703,217) | (4,517,792) | (4,333,407) | (3,880,571) | (3,462,412) |
| Net Interest | 3,192,397 | 3,108,320 | 3,352,619 | 3,222,222 | 3,172,513 | 3,268,027 | 3,494,250 |
| Islamic Banking Income | 2,129,751 | 2,109,403 | 2,016,899 | 2,064,354 | 2,210,435 | 2,092,827 | 2,285,657 |
| Net Insurance/Takaful | 0 | 9,348 | 100,675 | 325,743 | (377,449) | (642,309) | 243,677 |
| 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 |
| Other Operating Expenses | (3,593,487) | (3,521,796) | (3,687,474) | (3,742,945) | (3,785,049) | (3,652,859) | (3,658,346) |
| Prov for Loan Losses | (379,834) | (349,553) | (373,354) | (426,378) | (431,433) | 254,394 | (8,976) |
| Impairment of Fin Investments | 0 | 0 | 0 | 0 | (43,168) | (608,312) | (216,903) |
| Associates | 72,262 | 44,258 | 52,932 | 51,321 | 86,793 | 49,250 | 86,904 |
| Profit Before Tax | 3,442,886 | 3,402,137 | 3,414,140 | 3,594,157 | 3,511,564 | 3,506,244 | 3,721,829 |
| Tax Expense | (792,431) | (817,167) | (739,218) | (950,769) | (809,306) | (786,967) | (955,404) |
| Profit After Tax | 2,650,455 | 2,584,970 | 2,674,922 | 2,643,388 | 2,702,258 | 2,719,277 | 2,766,425 |
| Non-controlling Interests | (120,813) | (46,643) | (142,690) | (54,531) | (74,229) | (97,873) | (90,767) |
| 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 |
| Diluted EPS (sen) | 20.96 | 21.04 | 20.98 | 21.45 | 21.75 | 21.70 | 22.15 |
| 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 |
| Impaired Loans | (10,624,871) | (10,179,786) | (10,189,858) | (11,625,995) | (9,956,809) | (9,236,808) | (8,658,504) |
| Net Loans | 656,821,068 | 652,241,033 | 662,740,860 | 667,061,194 | 666,240,074 | 671,305,856 | 676,981,380 |
| 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 |
| Deposits from Customers | 677,736,752 | 677,528,849 | 712,915,459 | 714,583,927 | 718,937,183 | 707,342,603 | 698,210,227 |
| 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 |
| Total Liabilities | 965,496,233 | 956,842,219 | 978,114,819 | 986,900,022 | 975,776,579 | 971,390,765 | 956,741,750 |
| Net Assets | 98,185,558 | 93,709,987 | 97,207,137 | 95,708,566 | 97,460,984 | 95,993,109 | 96,841,843 |
| Share Capital | 54,736,195 | 54,736,195 | 54,736,195 | 54,877,233 | 54,882,314 | 54,882,314 | 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 |
ANALYST RATINGS
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 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).