Maybank profit meets estimates as NOII swings 165% in Q2 recovery

NOII contracted 15% in H1 but recovered 165% in Q2 compared to Q1.

Maybank’s net profit is in line with expectations despite a slight decline in H1 2026, said UOB Kay Hian (UOBKH).

The Malaysia-headquartered bank was weighed down by non-interest income (NOII) contracting 15% year-on-year in the first half of the year, which was blamed on lower foreign exchange income. Insurance income also dropped by 22% due to higher claims expenses, UOBKH noted.

Net profit rose 8.5% in Q2, due to a “sharp” 165% quarter-on-quarter recovery in NOII compared to Q1.

Compared to Q2 2025, NOII rose 9%, driven by stronger trading, wealth management, and investment banking income, as well as cost discipline, according to Maybank. Insurance income remained weak, however.

Net interest margin dipped 4 basis points (bp) to 2.1% in Q2 compared to the previous quarter but is still above 2026 guidance, said UOBKH.

Maybank saw pressures across Malaysia, Singapore, and Indonesia due to higher deposit competition and mortgage yield pressure in Malaysia, declining SORA rates in Singapore, and rising funding costs in Indonesia, said UOBKH.

Overall group loans grew 1.7% quarter-on-quarter and 2.7% year-on-year.

On a constant-currency basis, management highlighted healthy loan momentum across its key markets and retained its 2026 group loan growth guidance of 4-5%, UOBKH said.