PETALING JAYA: PT Bank Maybank Indonesia Tbk’s (Maybank Indonesia) pre-taxprofit rose 2.1% to 1.48 trillion rupiah (RM430.88mil) for the first nine months of 2021 from 1.45 trillion rupiah (RM422.15mil) in the same period last year.

       In a statement, the group said the increase was due to lower provisions, declining cost of funds and overhead costs.

       During the period under review, Maybank Indonesia’s profit after tax and minority interest declined 3.3% year-on-year (y-o-y) to 1.06 trillion rupiah (RM308.60mil). This was attributed to tax valuation adjustment resulting from deferred tax expenses.

       “Net interest income decreased by 4.7% to 5.35 trillion rupiah (RM1.55bil) in the first nine months of 2021, impacted from lower loan growth and decreasing trend in loan yield, in line with the reduction in Bank Indonesia rates and ongoing restructuring of customers’ loans impacted by the pandemic.

       “However, net interest margin increased by six basis points to 4.8% in September 2021, which was attributed by sustained reduction in cost of fund,” it said.

       Maybank Indonesia’s fee-based income declined 14.8% in the first nine months of 2021, primarily due to declining global markets-related fees.

       However, its bancassurance fees grew by 43.2% y-o-y in the first nine months of 2021.