clsa investors' forum 2011 presentation
DESCRIPTION
Malayan Banking Berhad (Maybank) - CLSA Investors' Forum 2011 PresentationTRANSCRIPT
1
1
2
3
4
5
6
•
• Maybank2u
•
•
•
•
•
•
•
•
39.8% 6.5%33.8% 19.8%
2
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3
1,360
840
1,659
1,996
2,425 2,503
2,772
3,1782,928
692
3,818
4,450
-
5
10
15
20
-
1,000
2,000
3,000
4,000
5,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Net Profit (RM million) (LHS) ROE (%) (RHS)
7.38
5.53
6.246.32
7.75
8.27
7.92
8.64
6.15
5.70
7.85
8.78
Average share price (RM) adjusted for bonus and rights issue
10.0
8.0
6.0
4.
0
2.
0
*
Average
share price
(RM)
Net P
rofit (R
M m
illio
n)
ROE (%)
Summary of Analysts' Recommendations
Target Price (RM) 9.80
Coverage 30 analysts
Recommendations 20 Buy, 8 Hold, 2 Sell
Analysts' Consensus: Net Profit (RM mil.)
FY2012 4,904
2,665 #
4
5
1
2
3
4
5
6
1
2
5
6
4
3
6
4.3 5.4
18.1 19.3 19.4
45.954.2
64.9
Aff
in
Alli
an
ce
RH
B C
ap
HL
Ba
nk
AM
MB
Pu
blic
B
ank
CIM
B
Maybank
38 49
112141 145
235282
412
Alli
ance
Aff
in
AM
MB
RH
B C
ap
HL
Ba
nk
Pu
blic
B
ank
CIM
B
Ma
yb
an
k
0.4 0.51.1
1.4 1.5
3.33.7
4.5
Alli
ance
Aff
in
HL
Ba
nk
AM
MB
RH
B C
ap
Pu
blic
Ba
nk
CIM
B
Ma
yb
an
k
1
7
23 29
7492 84
167 177
261
2836
77 103114
188 211
282
Alli
ance
Aff
in
AM
MB
RH
B C
ap
HL B
ank
Public
B
ank
CIM
B
Maybank
Gross Loans
Deposits
13.4
15.4
18.2
18.5
19.2
21.8
23.0
23.6
23.7
24.5
Siam Commercial Bank
Public Bank
CIMB
Bank Mandiri
Bank Rakyat Indonesia
Maybank
UOB
Bank Central Asia
OCBC
DBS
No.4
No.5
No.4
No.5
55
55
60
66
78
93
137
178
206
252
Siam Commercial
Bank Mandiri
Krung Thai Bank
Bangkok Bank
Public Bank
CIMB
MAYBANK
UOB
OCBC
DBS
39
42
43
48
62
70
93
109
121
171
38
33
43
44
55
59
87
99
107
139
Kasikornbank
Bank Mandiri
Krung Thai Bank
Bangkok Bank
Public Bank
CIMB
MAYBANK
OCBC
UOB
DBS
Total Loans
Total Deposits
1.1
1.1
1.1
1.2
1.3
1.4
1.6
1.8
2.0
2.3
Bank Central Asia
Public Bank
Siam Commercial Bank
CIMB
Bank Mandiri
MAYBANK
Bank Rakyat Indonesia
OCBC
UOB
DBS
8
19.0%
25.2%
55.1%
14.8%
27.9%
20.7%
16.8%
17.6%
29.2%
22.7%
14.9%
17.0%
65.1%
19.1%
13.1%
17.1%
18.1%
Branch
ATM
Internet Banking
Fixed Deposits
Savings Deposits
Demand Deposits
Domestic Total …
Card Base
Merchant Sales
Billings
Receivables
SME loans
Unit trust
HP Loans
Mortgage
Consumer loans
Domestic Total loans
0.5%
-0.3%
0.6%
4.2%
9.9%
17.6%
20.8%
-3.6%
12.3%
19.0%
15.6%
23.2%
25.2%
14.3%
11.6%
15.6%
16.8% 1
2
3
2
1
2
2
1
1
1
1
1
1
2
1
1
1
1
(17.6%)
(15.6%)
(15.0%)
(16.7%)
(13.4%)
(17.2%)
(70.0%)
(14.4%)
(21.8%)
(29.3%)
(16.6%)
(20.5%)
(27.7%)
(14.1%)
(54.5%)
(19.0%)
(29.1%)
9
17.6%
11.5%
18.3%
20.0%
7.0%
9.6%
25.7%
26.3%
26.8%
26.5%
Asset Under Management
Combined General
Combined Life/Family
Trade Financing
Equity Brokerage
Equity & Rights Offerings
M&A
Debt Markets
Islamic Deposits
Islamic Financing
14.5%
27.1%
4.8%
29.0%
35.1%
40.1% 1
1
2
3
2
3
1
1
1
4
(23.4%)
(24.1%)
(18.8%)
Not applicable
* Source: LIAM & ISM Statistics (Apr ‘10 – Mar 11)
(18.9%)
(10.1%)
(15.4%)
10
ASEAN
Thailand
Kim Eng: 44 branches
Brunei:
3 branches
• Philippines:
50 branches
• Kim Eng: 2 branches
• Malaysia:
386 branches
Indonesia
BII: 344 branches
Kim Eng:
5 branches
Singapore:
22 branches
Kim Eng:
3 branches
• Cambodia:
10 branches
• An Binh Bank:
122 branches
• Vietnam: 2 branches
• Kim Eng: 7 branches
Hong Kong:
1 branch
Kim Eng: 1
branch
London:
1 branch
Kim Eng:
1 branch
China:
1 branch
1 rep office
Papua New
Guinea:
2 branches
Bahrain:
1 branch
Pakistan
MCB: 1,134
branches
2
India
Kim Eng:
1branch
• New York:
1 branch
• Kim Eng:
1 branch
Saudi Arabia*
* 1 office via Anfaal Capital
** 1 office via 35% owned Uzbek Leasing International
Uzbekistan**
11
65%
21%
8%6%
68%12%16%4%Malaysia Singapore Indonesia Others
RM6.27b
International:32%
68%
International:30%
International:23%
International:24%
12%
16%
4%
3%
14%
5%
4%
15%
11%
70%
5%
15%
77%
76%
5%
RM12.32b
RM13.42b
RM5.37b
68%
19%
8%5%
RM262.0b
RM215.2b
International:32%
International:35%
12
Ranking M. Share
#3 7%
#5 7%
#5 5%
Brokerage / Investment BankingOther Services
Kim Eng
Commercial Banking
Brokerage / Investment Banking
Retail Banking
Other Services
Maybank
Ranking M. Share
#1 12%
#2 9%
#9 3%
13
1
2
3
14
•
•
•
• • •
•
•
•
•
•
15
•
•
•
•
•
•
•
16
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jan
-07
May
-07
Sep
-07
Jan
-08
May
-08
Sep
-08
Jan
-09
May
-09
Sep
-09
Jan
-10
May
-10
Sep
-10
Jan
-11
May
-11
OPR SRR
(25)
(20)
(15)
(10)
(5)
0
5
10
15
20
25
0
2
4
6
8
10
12
14
Jul-
02
Dec
-02
May
-03
Oct
-03
Mar
-04
Au
g-0
4
Jan
-05
Jun
-05
No
v-0
5
Ap
r-0
6
Sep
-06
Feb
-07
Jul-
07
Dec
-07
May
-08
Oct
-08
Mar
-09
Au
g-0
9
Jan
-10
Jun
-10
No
v-1
0
Ap
r-1
1
CPI and components (% YoY)
25bp hikes in OPR in
Mar, May, July 10 and
May 11
Food & Non-Alcoholic Beverages
Utilities, Housing & Other Fuels
Quarterly GDP and annual growth rate
Transport (RHS)
July CPI:
+3.4% YoY
Q2 GDP:
+4% YoY
2.90
3.00
3.10
3.20
3.30
3.40
3.50
3.60
3.70
3.80
3.90
Sep-0
5
Dec-0
5
Mar-
06
Jun-0
6
Sep-0
6
Dec-0
6
Mar-
07
Jun-0
7
Sep-0
7
Dec-0
7
Mar-
08
Jun-0
8
Sep-0
8
Dec-0
8
Mar-
09
Jun-0
9
Sep-0
9
Dec-0
9
Mar-
10
Jun-1
0
Sep-1
0
Dec-1
0
Mar-
11
Jun-1
1
RM3.00 per USD
as at 9 Sep
3
17
Ringgit Malaysia per USD
Total Loans grew 12.9% YoY for July 2011
RM
bill
ion
Total Deposits grew 11.3% YoY for July 2011
RM
bill
ion
%
Capital Adequacy remains strong
RM
bill
ion
Gross NPL RM27.4b, Net NPL ratio: 1.99%
14.3%
12.5%
2%
4%
6%
8%
10%
12%
14%
16%
18%
550
600
650
700
750
800
850
900
950
Jan-0
7
Apr-
07
Jul-07
Oct-
07
Jan-0
8
Apr-
08
Jul-08
Oct-
08
Jan-0
9
Apr-
09
Jul-09
Oct-
09
Jan-1
0
Apr-
10
Jul-10
Oct-
10
Jan-1
1
Apr-
11
Jul-11
Total Loans Total Loans YoY Growth
Household YoY Growth Business YoY Growth
0%
5%
10%
15%
20%
25%
750
800
850
900
950
1000
1050
1100
1150
1200
1250
Jan-0
7
Apr-
07
Jul-07
Oct-
07
Jan-0
8
Apr-
08
Jul-08
Oct-
08
Jan-0
9
Apr-
09
Jul-09
Oct-
09
Jan-1
0
Apr-
10
Jul-10
Oct-
10
Jan-1
1
Apr-
11
Jul-11
Total Deposits Total Deposits YoY Growth
7
8
9
10
11
12
13
14
15
16
Jan-0
7
Apr-
07
Jul-07
Oct-
07
Jan-0
8
Apr-
08
Jul-08
Oct-
08
Jan-0
9
Apr-
09
Jul-09
Oct-
09
Jan-1
0
Apr-
10
Jul-10
Oct-
10
Jan-1
1
Apr-
11
Jul-11
Risk Weighted Capital Ratio
Core Capital Ratio
1.5%
1.8%
2.0%
2.3%
2.5%
0
5
10
15
20
25
30
35
Jun-1
0
Jul-10
Aug-1
0
Sep-1
0
Oct-
10
Nov-1
0
Dec-1
0
Jan-1
1
Feb-1
1
Mar-
11
Apr-
11
May-1
1
Jun-1
1
Jul-11
Gross NPL - 3 Months (LHS) Net NPL (RHS)
18
■
■
■
■ (10)
(5)
0
5
10
15
20
50
55
60
65
70
75
80
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
Real GDP (S$B) % YoY Growth (RHS)
19
■
■
■
■
■
Bank Indonesia policy rate on hold at 6.75%Bank’s loan growth: trending upwards
Real GDP Growth: growing faster
6.49
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
Q3
2002
Q2
2003
Q1
2004
Q4
2004
Q3
2005
Q2
2006
Q1
2007
Q4
2007
Q3
2008
Q2
2009
Q1
2010
Q4
2010
(y-y %)
23.37%
19.07%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11
Loan Deposit
(y-y %)
6.75
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
M ay-08 Sep-08 Jan-09 M ay-09 Sep-09 Jan-10 M ay-10 Sep-10 Jan-11 M ay-11
Inflation y-y BI rate
(y-y %)
20
4
21
Commenced,
57%
Operational,
26%
Work-in
Progress, 16%
21.7%
■
22
23
5
24
ENABLEMENT
Global Wholesale Banking
Regaining domestic leadership and
aggressively pursuing ASEAN
market expansion by humanising client
interaction
Community Financial Services
Leveraging shared distribution,
Customer Segment driven, Community
Bank
Insurance & Takaful
Being the National Insurance
Champion and Living the ETIQA
way
Enterprise Transformation Services
ISLAMIC INSPIRED
INTERNATIONAL EXPANSION
MaybankGroup CEO + Support
(CFO, CRO,GHC, Legal, Compliance, Communications)
25
26
■ Providing the people with access to financing
■ Fair terms and pricing
■ Advise customers based on their needs
■ Being at the heart of community
Most extensive retail (386) and self-service terminal (4611) network in Malaysia
Largest virtual banking presence (55% market share) via Maybank2u
Financial services accessibility in rural areas via mobile bus banking and the only bank in 18 rural locations
User friendly facilities for physically challenged customers
Islamic financing as a driverPromoting Islamic first
Maybank Global CSR Day (20 Nov 2010) where Maybankersparticipated in group-wide volunteerism
Ramps to ease access Automated sliding doors
27
28
29
+8.9% YoY +16.6% YoY
12.3213.42
FY10 FY11
3.82
4.45
FY10 FY11
30
Headline KPIs Target FY11 achievements
Return on Equity 14% 15.2%
Loans and Debt Securities Growth 12% 22.6%
Other targets Target FY11 achievements
Loans Growth
• Malaysia 12% 16.8%
• Singapore 5% 25.8%
• BII 24% 25.8%
Net Interest Margin Decrease Normalised: 2.71% (-9 bps YoY)*
31
5,370
2,782
492
1,367
144
1,251
442
6,270
2,990
1,084 1,321
136
1,489
488
Total CommunityFinancial Services
Corporate Banking Global Market InvestmentBanking#
International Banking*
Insurance, Takaful & Asset
Management
+26.9%
+7.5% +120.2% -3.3%% -5.8% +19.1%
+16.8%
+10.4%
Global Wholesale Banking (GWB)
Note: Head Office & Others: Revenue and PBT : -RM1,107m (FY10) vs. –RM1,238m (FY11)* Includes overseas’ GWB # Includes Kim Eng
FY10 FY11
32
YoY GrowthLoans
Community Financial
Services
Consumer
Mortgage
Auto Finance
Credit Cards
Unit Trust
Business Banking /
SME
GWB (Malaysia Ops)
Malaysia
21.7%
25.8%
25.8%
29.4%
25.6%
4.7%
25.2%
15.6%
14.3%
11.6%
15.6%
12.9%
16.8%
RM 114.3 bil
RM 88.3 bil
RM 38.6 bil
RM 26.0 bil
RM 4.8 bil
RM 17.1 bil
RM 26.0 bil
RM 56.2 bil
RM 170.5 bil
International RM 89.4 bil
Singapore SGD 22.1 bil
Bank Internasional Indonesia IDR 59.5 tril
Total Gross Loans RM 262.0bil
320.5
264.7
117.5
72.247.7
4Q10 1Q11 2Q11 3Q11 4Q11
1 Jul 10
2.83%2.99%
2.74%
2.39%2.25%
Day 1 Sep 10 Dec 10 Mar 11 Jun 11
34
6.7% 7.4%1.4%
7.3% 6.7%
70.0%
60.0% 61.0%
76.5% 74.9%
29 26
11
28
29
18
8
44
32
FY07** FY08** FY09 FY10 FY11
Final
Interim
*
*
*
High Dividend Payout Ratio and Robust Capitalisation6
0.00%20.00%40.00%
F…
F…
DividendYield
Payout Ratio
35
Gross Dividend ( ), Dividend Yield (%) and Payout Ratio (%)
10.81% 10.88% 11.21% 11.84%
30 Jun 09 30 Jun 10 30 Jun 11* 30 Jun 11**
Core capital ratio Risk-weighted capital ratio
14.72%15.36%
14.81% 14.49%
14.06% 14.79%12.49% 13.32%
30 Jun 09 30 Jun 10 30 Jun 11* 30 Jun 11**
Core capital ratio & Risk-weighted capital ratio
36
37
1
2
3
4
5
6
38
39
40
Another Record Profit for FY2011
4Q11 PATAMI grew 26.5% YoY and 1.0% QoQ to RM1.15 billion.
FY11 PATAMI grew 16.6% YoY to a record RM4.45 billion.
FY11 revenue grew 8.9% YoY on the back 4.9% growth in fund based income and 15.3% growth in fee income.
Improvements seen across the board
All business segments reported top line growth .
FY11 PBT rose 16.8% YoY mainly due to growth in Malaysia’s Corporate Banking, International Banking and Community Financial Services.
Group loans grew 21.7% YoY the highest since FY01, driven by strong overseas loans growth of 29.4% and domestic loans growth at 16.8%. Singapore and Malaysia exceeded the industry growth.
Improved Asset Quality. Allowances for losses on loans for FY11 declined 59% YoY. Net Impaired Loan ratio declined to 2.25% in June 2011 from 2.99% in Sept 2010.
Strong Financial Position
With Group shareholders’ funds of RM31.5 billion, total assets of RM412 billion and CAR of 15.4%.
Met the KPIs set
KPIs exceed targets for FY2011. ROE of 15.2% is ahead of full year target of 14% and Loans and Debt Securities growth of 22.6% exceeds target of 12%.
Proposed final dividend of 32 sen per share less 25% tax.
The dividend consists of 4 sen cash portion and 28 sen electable portion for DRP.
Total FY2011 dividend: 60 sen per share.
41
42
43
*net of insurance claims
4Q11 3Q11QoQ
Change4Q10
YoY
ChangeNet interest income 1,826.7 1,771.4 3.1% 1,792.2 1.9%
Income from Islamic Banking 443.0 387.8 14.2% 355.8 24.5%
Net income from insurance business* 345.4 84.1 310.8% 168.6 104.9%
Non-interest income 1,196.7 928.8 28.8% 826.2 44.8%
Net income 3,811.8 3,172.1 20.2% 3,142.7 21.3%
Overhead expenses (1,962.1) (1,554.0) 26.3% (1,474.6) 33.1%
Operating Profit before allowances for
losses on loans1,849.7 1,618.2 14.3% 1,668.0 10.9%
Allowance for losses on loans (47.7) (72.2) -33.9% (320.5) -85.1%
Impairment losses on securities, net (114.0) 4.3 -2756.7% (23.4) 386.5%
Operating Profit 1,688.0 1,550.3 8.9% 1,324.1 27.5%
Share of profits in associates 40.5 25.3 60.2% 35.0 15.7%
Profit before taxation and zakat 1,728.5 1,575.6 9.7% 1,359.1 27.2%
Taxation & Zakat (475.3) (389.3) 22.1% (384.1) 23.8%
Minority Interest (98.9) (43.7) 126.5% (62.6) 58.1%
Profit after Tax and Minority Interest
(PATAMI)1,154.3 1,142.6 1.0% 912.5 26.5%
EPS (sen) 15.54 15.60 -0.4% 12.89 20.6%
Quarter
RM million
44
*net of insurance claims
FY11 FY10YoY
ChangeNet interest income 7,185.9 6,770.9 6.1%
Income from Islamic Banking 1,561.9 1,434.7 8.9%
Net income from insurance business* 557.3 424.9 31.2%
Non-interest income 4,114.7 3,692.7 11.4%
Net income 13,419.8 12,323.2 8.9%
Overhead expenses (6,652.2) (5,825.5) 14.2%
Operating Profit before allowances for
losses on loans6,767.6 6,497.7 4.2%
Allowance for losses on loans (502.2) (1,226.1) -59.0%
Impairment losses on securities, net (130.0) (23.0) 464.3%
Operating Profit 6,135.5 5,248.6 16.9%
Share of profits in associates 135.0 121.8 10.8%
Profit before taxation and zakat 6,270.5 5,370.4 16.8%
Taxation & Zakat (1,650.7) (1,402.0) 17.7%
Minority Interest (169.5) (150.3) 12.8%
Profit after Tax and Minority Interest
(PATAMI)4,450.3 3,818.2 16.6%
EPS (sen) 61.41 53.94 13.8%
12 Months
RM million
45
RM billion Jun 11 Mar 11 Jun 10 YoY GrowthQoQ
GrowthCash and short-term funds 38.8 32.0 28.7 35.2% 21.3%
Deposits with Financial Institutions 10.3 8.5 8.9 15.4% 21.1%
Securities purchased under resale agreements - 0.5 0.4 n.m. n.m.
Securities Portfolio 61.0 64.2 54.2 12.7% -5.0%
Loans and advances 254.0 234.1 205.6 23.6% 8.5%
Insurance & Takaful Business 19.2 19.0 18.0 6.9% 1.3%
Other assets 28.7 22.1 21.0 36.3% 29.7%
Total Assets 412.0 380.3 336.7 22.4% 8.3%
Deposits from customers 282.0 260.7 236.9 19.0% 8.1%
Deposits and placements of banks and FI 33.3 34.0 23.3 43.2% -1.9%
Borrowings 5.4 4.8 2.8 92.8% 12.4%
Subordinated debts 10.8 8.0 8.1 33.6% 34.6%
Capital Securities 6.1 6.0 6.0 2.8% 1.9%
Insurance & Takaful liabilities & policyholders' funds 19.2 19.0 18.0 6.9% 1.3%
Other liabilities 22.6 17.1 13.0 73.7% 32.3%
Total Liabilities 379.5 349.7 308.0 23.2% 8.5%
Shareholders Funds 31.5 29.9 27.9 12.9% 5.3%
Total Liabilities and Equity 412.0 380.3 336.7 22.4% 8.3%
Loan-to-deposit Ratio 90.1% 89.8% 86.8%
46
Variance %
Community Financial Services 114.3 110.3 101.2 3.6% 13.06 12.9%
Consumer 88.3 85.2 76.4 3.5% 11.90 15.6%
Total Mortgage 38.6 37.2 34.6 3.8% 4.02 11.6%
Auto Finance 26.0 25.5 22.8 1.9% 3.25 14.3%
Credit Cards 4.8 4.5 4.1 6.3% 0.64 15.6%
Unit Trust 17.1 16.4 13.7 4.6% 3.44 25.2%
Other Retail Loan 1.8 1.7 1.3 4.0% 0.54 42.8%
Business Banking + SME 26.0 25.1 24.9 3.9% 1.16 4.7%
GWB (Corporate)(Malaysia) 56.2 50.7 44.7 10.7% 11.46 25.6%
Total Domestic 170.5 161.1 146.0 5.9% 24.53 16.8%
International 89.4 81.5 69.1 9.7% 20.33 29.4%
Singapore (SGD'bn) 22.1 20.1 17.5 9.9% 4.53 25.8%
BII (Rupiah'tril) 59.5 56.7 47.3 5.0% 10.84 25.8%
Others 16.3 13.8 11.8 18.6% 4.54 38.6%
Gross Loans 262.0 242.8 215.2 7.9% 46.30 21.7%
YoY GrowthRM billion Jun-11 Mar-11 Jun-10
QoQ
Growth
47
Loans-to-Deposit ratio
RM bilYoY
GrowthSGD bil
YoY
GrowthRupiah tril
YoY
GrowthRM bil
YoY
Growth
Savings Deposits 31.4 11.4% 2.8 9.9% 14.6 18.3% 44.0 13.7%
Current Accounts 46.7 16.8% 2.5 17.6% 12.1 34.2% 57.9 18.7%
Fixed Deposits 83.2 20.8% 17.1 4.2% 39.2 36.0% 152.5 17.1%
Others 26.6 44.3% 0.4 13.8% - 0.0% 27.6 43.8%
Total Deposits 187.8 20.8% 22.7 6.4% 65.8 31.3% 282.0 19.0%
Low cost funds (CASA)
LD Ratio
Malaysia Singapore BII Group
87.7% 96.4% 88.1% 90.1%
41.6% 23.2% 40.5% 36.2%
87.4%
86.8%
90.1%90.0%88.8%
87.7%87.0%
81.2%
96.4%
82.4%
91.3%
88.1%
Jun 09 Jun 10 Jun 11
Group
Malaysia
Singapore
BII
48
3,693
2,367
253 311 517
244 425
105
4,115
2,671
375 236
562
272
557
239
Total non-interest income
Commission, service charges and fees
Investment & Trading Income
Unrealised gain/(losses) on
securities & derivatives
Foreign Exchange profit
Other income Net income from Insurance Business
Fee income from Islamic Operations
FY10 FY11
+12.8%
+127.1%+48.4% -24.3% +31.2%+8.6% +11.2%
RM
mil
lio
n
+11.4%
49
743 863 1,034
2,918
3,568
108 115
161
479
510
53 135
132
438
478
571 441
635
1,989
2,096
4Q10 3Q11 4Q11 FY10 FY11
Admin, general expenses & fees & brokerage
Marketing expenses
IT Expenses
Personnel costs
RM
mill
ion
+33.1% YoY
+26.3% QoQ
+14.2% YoY
1,962
1,5541,475
5,826
6,652
FY11
YoY QoQ YoY
Personnel costs 39.1% 19.9% 22.2%
IT Expenses 49.7% 39.7% 6.4%
Marketing expenses 148.6% -2.6% 9.0%
Admin, general expenses
& fees & brokerage11.3% 44.1% 5.4%
Total 33.1% 26.3% 14.2%
4Q11Overhead Expenses
50
2.59%
2.70% 2.71%
2.80%0.11%
0.01%
As reported FRS139 adjustments*
Normalised after FRS139 adjustments
Forex Normalised after forex
FY10 NIM
-9 bps YoY
51
FY11 FY10 4Q11 3Q11 2Q11 4Q10
Net Interest Margin 2.59%@ 2.80% 2.50% 2.57% 2.70% 2.88%
Return on Equity 15.2% 14.5% 15.1% 15.5% 15.7% 13.3%
Fee to Income Ratio 36.6% 33.4% 42.3% 33.8% 33.5% 35.2%
Cost to Income# 49.6% 47.3% 51.5% 49.0% 49.8% 48.1%
Loan-to-Deposit Ratio 90.1% 86.8% 90.1% 89.4% 88.4% 86.8%
Asset Quality
Gross NPL or Impaired Loan Ratio 3.20% 2.90% 3.20% 3.66% 4.20% 4.70% 2.79% 2.89%
Net NPL or Impaired Loan Ratio 2.25% 1.22% 2.25% 2.39% 2.74% 2.99% 1.20% 1.22%
Loan Loss Coverage 86.0% 124.5% 86.0% 86.9% 84.6% 84.1% 125.6% 124.5%
Charge off rate (bps) 23 53 8 13 22 49 43 57
Capital Adequacy (Group)
Core Capital Ratio 11.84%^ 10.88%** 11.84%^ 11.5%* 11.84%* 10.88%**
Risk Weighted Capital Ratio 15.36%^ 14.49%** 15.36%^ 14.03%* 14.21%* 14.49%**
* After Basel II and electable portion dividend reinvested
** After electable portion dividend reinvested
# Total cost excludes amortisation of intangibles
Assuming full reinvestment of DRP
87.3%
Post FRS
139
1Q11
2.69%
14.6%
31.7%
47.6%
11.18%*
14.25%*
10.70%
13.64%
Pre FRS 139
@ Note: Normalised NIM for FY11 is 2.71%
52
53
12,323
6,130
1,055 1,505 236
3,749
756
13,420
6,225
1,280 1,568 482
4,178
925
Total CommunityFinancial Services
Corporate Banking Global Market InvestmentBanking#
International Banking*
Insurance, Takaful & Asset
Management
FY10 FY11
5,370
2,782
492
1,367
144 1,251
442
6,270
2,990
1,084 1,321
136
1,489
488
Total CommunityFinancial Services
Corporate Banking Global Market InvestmentBanking#
International Banking*
Insurance, Takaful & Asset
Management
+26.9%
+7.5%
+120.2% -3.3%% -5.8% +19.1%
+16.8%
+10.4%
+19.1%
+22.4%+21.2% +104.6% +11.4%+4.2%
+1.6%
+8.9%
Rev
enu
e (R
M m
illio
n)
Pro
fit
bef
ore
tax
(R
M m
illio
n)
Global Wholesale Banking (GWB)
Global Wholesale Banking (GWB)
# Includes Kim Eng
54
4,632
694 827 29
2,561
87
4,660
852 703 89
2,757
91
Community Financial Services
Corporate Banking Global Market Investment Banking International Banking Insurance, Takaful & Asset Management
FY10
FY11
1,498
362 678
207
1,188
668
1,565
427
865
393
1,421
834
Community Financial Services
Corporate Banking Global Market Investment Banking International Banking Insurance, Takaful & Asset Management
■
■
+0.6%
+22.8% -15.0%
+7.6%
+4.5%
+18.2% +27.7% +90.1%
+19.7%
+24.8%
Global Wholesale Banking (GWB) +39.3%
Global Wholesale Banking (GWB) +6.1%
+208.7% +4.0%
55
13.2%13.0% 12.9% 12.9% 13.0%
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Total mortgage market share
4.12 4.665.92
7.058.18
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Mortgage Loan Stock (RM billion)
28.2 30.4 33.6
3.2 4.2
5.0
Jun 09 Jun 10 Jun 11
Housing loans Shophouse loans
7.6%
5.4%
3.3%
Jun 09 Jun 10 Jun 11
Gross NPL / Impaired loan ratio - Mortgage
38.634.6
31.5
+11.6%
+9.8%
+10.6% YoY
+19.1% YoY
+98.5%
56
0.7%0.6%
0.7%
16.9%17.6%
18.8%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
0.3%
0.5%
0.7%
0.9%
1.1%
1.3%
1.5%
1.7%
1.9%
Jun 09 Jun 10 Jun 11
Gross NPL / Impaired loan ratio
Transport Vehicle Market share
19.7 22.3
25.5
Jun 09 Jun 10 Jun 11
Hire purchase
34%
66%
0% 10% 20% 30% 40% 50% 60% 70%
National cars
Non-national cars
National cars Non-national cars
14%
86%
0% 20% 40% 60% 80% 100%
Used cars
New cars
Used cars New cars
+14.3%+12.7%
57
3.604.13
4.78
Jun 09 Jun 10 Jun 11
• Card base excludes Debit cards• Merchant and Billings consist of transactions done through
Credit, Charge and Debit cards
• Industry figures for cards includes commercial banks and non-FI players
YoY Maybank Industry*
Cardbase -3.6% -8.7%
Billings 19.0% 14.4%
Receivables 15.6% 12.4%
Merchant Sales 12.3% 12.6%
Jun 11 Jun 10
Cardbase 17.56% 16.64%
Billings 22.65% 21.78%
Receivables 14.93% 14.41%
Merchant Sales 29.20% 29.27%
1680
15301474
Jun 09 Jun 10 Jun 11
+15.76% YoY -3.6% YoY
58
11.5% 11.4% 10.3%
17.1% 16.2%14.9%
12.9%
Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Gross NPL / Impaired Loan Ratio
15.0% 14.9%
15.5%
16.5%
16.7%
Jun 10 Sep 10 Dec 10 Mar 11 May 11
+2.5% QoQ
+23.7% YoY
+3.9% QoQ
+4.7% YoY
58.1 58.964.7
70.2 71.9
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
24.9
24.2
25.1 25.1
26.0
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
RM
bill
ion
RM
bill
ion
Post FRS139Pre-FRS139
59
21.7
15.7
7.3
26.1
20.6
9.4
- 10.0 20.0 30.0
Jun 11
Jun 10
+29.0%
+31.5%
+20.2%Post FRS139
Pre-FRS139
1.3% 1.2% 1.5%
4.2% 3.9% 3.4% 3.3%
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Gross NPL / Impaired Loan Ratio
22.5% 22.6%23.4%
24.0%
25.6%
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
60
-14.3%
+31.8%
+3.2%-3.3%
+4.2%
AAA, 34.3%
-AA to AA, 29.1%
A and below, 36.6%
1,367 1,321
FY10 FY117.0
19.5
27.7
6.0
25.7
28.6
Others
PDS / Corporate
Bonds
Government Securities
Jun 11
Jun 10
827.2 702.8
677.9 865.5
FY10 FY11
Net interest income Non interest income
1,505.11.568.3
+27.7%
-15.0%
RM
mill
ion
RM
mill
ion
61
RM million54.0
97.9
198.3
107.7
196.2
292.1
0 100 200 300 400
FY06
FY07
FY08
FY09
FY10
FY11
Brokerage, 43%
Miscellaneous fee income,
2%
Underwriting / Placement fees, 20%
Agency / Guarantee fees, 1%
Arrangers' fees, 21%
Corporate advisory fees,
7%
Primary Subscriber's
fees, 6%
Industry Rank Total Value (billion) Deals/Issues Market Share
M & A 3 USD 9.3 31 25.7%
Equity & Rights Offerings 2 USD 0.86 9 9.6%
Debt Markets - Malaysia Domestic Bonds 2 RM 16.3 134 26.3%
Debt Markets - Malaysian Ringgit Islamic Bonds 1 RM 16.0 121 35.4%
Equity Brokerage 3 RM 63.5 n.a. 7.0%
62
63
64
12
.4
6.4
6.2
0.2
1.0
1.1
1.5
2.5
3.3
15
.1
7.3
10
.7
0.3
0.9
1.1
3.3
3.6
4.4
AIT
AB
Mo
rtg
ag
e
Fin
an
cin
g
Te
rm F
inan
cin
g
Ca
rds
Ca
shlin
e-i
(Co
nsu
me
r)
Ca
shlin
e-i
(Bu
sin
ess)
ST
RC
-i
Te
rm F
inan
cin
g
Tra
de
Fin
an
cin
g
Jun 10
Jun 11
+21.8% +14.1% +72.6%
0.0% -120.0%+55.2% 44.0% 33.3%-14.0%
Jun 11 Jun 10
Financing to Deposit Ratio* 87.8% 96.6%
Islamic Financing to
Total Domestic Loans*27.4% 24.0%
Net Impaired Financing Ratio** 1.2% 0.9%
RM million FY11 FY10YoY
Growth
Fund based income 1,357.1 826.7 64%
Fee based income 131.3 137.2 -4%
Total income 1,488.3 963.9 54%
Allowance for losses
on financing10.7 350.4 -97%
Profit before tax and
zakat904.2 535.0 69%
65
0 1000 2000 3000 4000 5000
Total General
Fire
Motor
MAT
Misc
Total Life/Family
Single Premium
Regular Premium
Credit Premium
Group Premium
Combined…
RM million
Jun 11
Jun 10
21.522.8
FY10 FY11
40.7% 38.5% 38.2% 35.8% 32.4%
Jun10 Sept10 Dec10 Mar11 Jun11
Misc
12.3%
13.5% 20.0%
19.8%33.4%Fire
72.5%
66.4% 71.6%75.3% 72.8%
Motor
■
■
Combined Gross
Premium
-2.1%
+4.5%
-76.6%
-6.8%
+1.8%
+29.6%
+29.6%
-20.5%
6.0%
Industry
59.5%
28.7%
76.5%
28.3%
40.7%
Source : Rolling 12 months (Jun10-Jun11)Note: Industry Loss Ratio is for conventional business only
Source: ISM Statistics (Apr10-Mar 11).
24.7%3.9%
-5.4% -7.0%3.8%MAT
-2.2%
+19.5%
-13.9%
66
67
0.93%0.77% 0.75%
0.63% 0.58% 0.65% 0.58%
0.46%
0.10% 0.09% 0.07% 0.09% 0.07%0.25%
0.23%0.14%
Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Gross NPL Net NPL
SGD million FY11 FY10 YoY
Growth
Net fund based income 454.5 468.6 -3.0%
Non interest income 207.8 144.0 44.3%
Total income 662.3 612.6 8.1%
Provision (1.6) 6.2 -126.4%
Profit before tax 375.0 338.0 11.0% 3.6 4.6
2.2 2.8 1.7
2.7 2.0
2.6 4.1
5.0 3.3
3.3
0.7
1.0
Jun 10 Jun 11
Others (Consumer)
Car Loans
Housing Loans
Others (Corporate)
Non-bank Financial InstitutionGeneral Commerce
Building & Construction
SG
D b
illio
n Consumer
Corporate
18.4%
23.4%
5.0%8.6%
25.8%
16.2%
30.6%
-1.4%
11.4% 14.8%
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11
Maybank Singapore Growth Industry Growth
22.0
17.5
42%
58%
68
Note:• Based on income statement consolidated into Group accounts.
Rp BillionJul 10-Jun 11
Contribution
Jul 09-Jun 10
Contribution
YoY
% Change
Apr 11-Jun 11
Contribution
Apr 10-Jun 10
Contribution
YoY
% Change
Interest income 7,349 6,065 21.2% 1,943 1,583 22.7%
Interest expense (3,316) (2,753) 20.5% (933) (671) 39.0%
Net interest income 4,033 3,312 21.8% 1,010 912 10.7%
Non-interest income 2,006 1,762 13.8% 556 508 9.4%
Gross Operating income 6,039 5,074 19.0% 1,566 1,420 10.3%
Operating expenses (excluding prov.) (3,998) (3,419) 16.9% (987) (847) 16.5%
Operating income before provision 2,041 1,655 23.3% 579 573 1.0%
Provisions (1,259) (1,048) 20.1% (261) (476) -45.2%
Profit before taxation and zakat 782 607 28.8% 318 97 227.8%
69
11.112.0 12.2
13.3 14.1
17.1
17.6
19.0 19.921.3
15.9
17.7
18.6 18.8 19.1
0.5 0.5 0.4 0.4 0.4
2.6 3.03.6 4.2 4.6
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Corporate SMEC Consumer
Syariah Subsidiaries
2,619
3,153
532 517
YTD Jun 10 YTD Jun 11
Revenue PBT
(+33%)
+20.4%
-2.8% 5.63%
5.89%
5.43%
Jun 10 Dec 10 Jun 11
89.8%91.3%
89.0%
93.8%
89.9%
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
LDR Bank (only) as of June’11 : 82.98%
Modified LDR (consol) as of June’11 : 84.85%
Jun’10 : before adoption SFAS No.50/55; Jun’11 after Adoption SFAS No.50/55 Jun’10 : before adoption SFAS No.50/55; Jun’11 after Adoption SFAS No.50/55
70
61.7%
64.8%
Jun 10 Jun 11
255 255 255 260 274 295 327 337 344
743 748 787 806 844893
9521009 1017
Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Branches
ATM+CDM 2.88%
3.52%3.09%
2.57% 2.45%
1.87% 1.97%1.74%
1.40%1.22%
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Gross NPL Net NPL
14.87%13.16% 12.50%
11.68%13.06%
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11Cost to Income Ratio (Bank Only)
as of : June’10 : 57.63%, June’11: 56.22%,
Jun’10 : before adoption SFAS No.50/55; Jun’11 after Adoption SFAS No.50/55
71
2,918
671
3,588 3,072
238
3,309
New Used Total
YTD Jun 10 YTD Jun 11
1.83%1.85%
2.17%2.43% 2.69%
1.17%
0.73%
1.09%0.94% 1.09%
Jun 10 Sep 10 Dec 10 Mar 11 Jun 11
Gross NPL Net NPL
709782
118
4
YTD Jun 10 YTD Jun 11
Revenue PBT
+10.3%
-96.6%
232
77
310
238
29
268
New Used Total
YTD Jun 10 YTD Jun 11
72
20.8
26.5
12.4
16.3
1H10 1H11
Revenue
PBT
245.1 260.0
419.2
496.2
1H10 1H11
Loans
Deposits
PK
R B
illio
n
+27.4%
+31.6%
+6.1%
+18.4%
PK
R B
illio
n
Key Ratios 1H11 1H10
Return on Assets 5.14% 4.63%
Return on Equity 42.84% 34.33%
Cost to Income Ratio 33.1% 34.84%
Loan-to-Deposit Ratio 52.40% 58.46%
Non Performing Loan Ratio 8.91% 8.97%
Net Interest Margin 8.48% 8.26%
73
15,319
19,148 20,620
25,940
1H10 1H11
Loans
Deposits
630.0
816.2
316.7 270.6
1H10 1H11
Revenue
PBT
VN
D B
illio
n
+29.6%
-14.6%
+25.8%
+25.0%
VN
D B
illio
n
Key Ratios 1H11 1H10
Return on Assets 1.39% 1.99%
Return on Equity 11.43% 13.67%
Cost to Income Ratio 47.53% 37.43%
Loan-to-Deposit Ratio 73.82% 74.29%
Non Performing Loan Ratio 4.51% 1.50%
Net Interest Margin 5.12% 3.87%
74
•
•
•
•
75
RM412 billion
RM4.45 billion
42,000 Maybankers
2,100 Offices
> 21 million Customers
Total Assets
Profit After Tax
Human Capital
Global Network
Customers
Worldwide
in 17 Countries
51Years
Of Growth
Public Ownership
> 10.5 million Unit Holders
76
Version 2011-09 v1
77