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BERITA SUBANG - Maybank Indonesia's net profit dropped by 37 percent in the first half of 2021 from the same period last year as the bank's net interest income fell amid weak loan growth.
Maybank Indonesia booked a first half 2021 net profit of Rp 510 billion, down from Rp 810 billion in the corresponding period last year.
The bank said in a statement on August 2, 2021 that its profitability was hit by the prolonged impact of the Covid-19 pandemic that struck Indonesia in the first quarter of 2020.
Profit Before Tax dropped 28.5 percent to Rp 762 billion from Rp 810 billion.
Also read : Maybank Indonesia H1 2021 Net Profit Down, Fee-based Income Also Declines 19.6 Percent on Covid-19 Impact
Net Interest Income (NII) declined by 12.1 percent to Rp3.5 trillion amidst weaker loan disbursement and falling loan yield.
Maybank Indonesia, previously called Bank Internasional Indonesia, said NII and loan yield decline was in line with the cuts in the country's benchmark key rates and amid ongoing restructuring of its customers, whose loans were impacted by the pandemic.
Net interest margin also decreased by 54 basis points to 4.47 percent at the end of the first half 2021. This compares to 5.01 percent in the same period last year.
However, on a quarterly basis, the Bank’s NIM increased 12 basis points to 4.35 percent in the second quarter of 2021 from the first quarter of 2021.
