Maybank Singapore’s profit before tax down 5.8% to S$363.82m in H1

Net fund-based income rose 17.9% due to balance sheet growth and cost management.

Maybank Singapore’s profit before tax (PBT) fell by 5.8% to S$363.82m in H1 FY2025, according to a statement.

Higher overheads and lower write-back in impairment allowance weighed on profits, offsetting the growth in fund-based income.

Net fund-based income rose 17.9% to S$382.19m, which the bank attributed to growth in its balance sheet and proactive management of funding cost.

Non-interest income, meanwhile, dipped by 2.4% to S$286.81m as treasury income fell due to lower FX related income.

This was mitigated by stronger wealth income from bancassurance commission and investment income and higher non-operating income contributed by gain from government bond sales as well as improved loans related fee, according to the bank.