KUALA LUMPUR, June 6 — Malaysian banks showed steady profitability in their financial results in the first quarter of 2024 (Q1 2024) in line with expectations but the upside is...
Malaysian banks showed steady profitability in their financial results in the first quarter of 2024 in line with expectations but the upside is limited going forward, said RAM Rating Services Bhd. — Picture by Hari AnggaraKUALA LUMPUR, June 6 — Malaysian banks showed steady profitability in their financial results in the first quarter of 2024 in line with expectations but the upside is limited going forward, said RAM Rating Services Bhd .
It noted that the banking system’s loan growth was sustained at an annualised 5.3 per cent as of the end of March 2024.The business loan expansion, it added, staged a rebound in late 2023, which persisted into Q1 2024, in line with the recovery in exports led by the emerging semiconductor upcycle. Its co-head of financial institution ratings, Wong Yin Ching, observed that on a positive note, margin trends have stabilised as competition for deposits eased.
On the asset quality front, Wong said the system’s gross impaired loan ratio inched down marginally to 1.62 per cent from 1.65 per cent at the end of December 2023.
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