Maybank (MAY MK) Macedonia, The Former Yugoslav Republic of
Financials
Daniel Tabbush sees no reason why the Malaysian bank should be reporting impairment costs at near record lows. The figure recorded in 4Q22 of MYR 191m is only slightly higher than the trough seen in 4Q18, after which Maybank booked nearly 4x higher impairment costs in the following period. Operationally, Daniel believes there is downside risk to NII and NIM (as is happening with Singapore banks). He wonders if figures end up being far lower in 1Q23, with lessor loan volume, higher COF and more defaults (less interest payments). And then there are soaring costs - personnel costs increased by 20% Y/Y and marketing costs were up 54% Y/Y in 4Q22.
Edition: 160
- 12 May, 2023