Maybank Indonesia H1 2021 Net Profit Down, Fee-based Income Also Declines 19.6 Percent on Covid-19 Impact

However, despite it suffering a significant drop in its global-market related fees, fees from bancassurance grew sharply by 79 percent to Rp106 billion.

"The decline in net interest and fee-based incomes amidst the prolonged pandemic conditions was, however, partially offset by lower loan-loss provisions as well as reduced credit and overhead costs," the bank said in August 2, 2021 statement.

Maybank Indonesia said it had taken "conservative measures in setting aside provisions for accounts, across all its business segments, impacted by the challenging environment." 

The bank said this effort has contributed to a drop in loan loss provisions by 21.6 percent to Rp 763 billion from Rp1.01 trillion. 

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