Maybank Targets Wealth Management as Key Growth Engine Amid Rising Asean Affluence

Maybank expects its wealth management business to remain a key growth engine, underpinned by rising affluence across ASEAN and significant room to deepen penetration among its sizeable customer base, particularly in Malaysia.

Maybank president and group chief executive officer Datuk Seri Khairussaleh Ramli said the bank's wealth management investment has paid off, validating its Forward30 conviction in ASEAN's growing affluent population, now numbering one million customers.

Growth Across Key Markets

Khairussaleh highlighted significant potential for further growth in the segment across Maybank's key home markets. "In Singapore, where substantial liquidity is flowing into the market, particularly among affluent customers, our fee income grew by about 14%."

"In Malaysia, we see even greater upside given our sizeable customer base and the relatively early stage of affluent-solution penetration, with similar opportunities in Indonesia, albeit to a lesser extent," he said at a media briefing on Maybank's second quarter (2Q) of 2026 and first-half (1H26) financial results yesterday.

Financial Highlights

Maybank's net profit in 2Q was up slightly year-on-year (y-o-y) to RM2.69 billion as compared to RM2.63 billion in the previous corresponding quarter amid improved cost discipline and lower net impairment provisions. Quarterly revenue dipped to RM16.08 billion from RM17.08 billion in the previous-year quarter.

Pre-tax profit for the quarter rose 3.7% y-o-y to RM3.64 billion, while return on equity improved to 12% from 11.6% a year earlier. The board declared a first interim dividend of 31 sen per share, of which five sen is electable under the Dividend Reinvestment Plan.

According to Maybank, income growth in 2Q was driven by net fund-based income, rising 1.9% y-o-y, and an increase in core fees, particularly wealth, investment banking, and banking-related fees. Net interest margin expanded 10 basis points to 2.1%.

Cost Discipline and Efficiency

With disciplined cost management, overhead expenses declined 2.5% y-o-y to RM3.69 billion, lowering the cost-to-income ratio to 49.1%. Personnel costs declined 6.9%, while marketing expenses dropped 21.9%, partially offset by higher establishment costs from continued investment in technology initiatives.

Half-Year Performance

For the cumulative 1H26 period, the bank posted a net profit of RM5.17 billion, down from RM5.22 billion in the year-ago corresponding period. During the six-month period, the lender reported revenue of RM30.99 billion as compared to RM33.95 billion in the year-ago period.

Over 1H26, group loans grew 2.7% y-o-y to RM695.9 billion, supported by growth across its key home markets. Group current account savings account (Casa) rose 7.6% y-o-y, lifting the Casa ratio to 41.5% from 37.8% a year earlier.

Resilience Amid External Volatility

Maybank noted that its underlying business remained strong amid today's operating environment. According to the bank, the Middle East conflict has had a milder-than-expected impact on its borrowers, despite continued external volatility. Particularly for Maybank's small and medium enterprise borrowers, Khairussaleh explained that the bank is ready to provide support if conditions worsen.

Shareholder Returns and Market Positioning

Additionally, Khairussaleh said the bank is focused on expanding returns to shareholders as efforts by Bursa Malaysia and the Securities Commission to deepen the capital market could create a larger investment pool for the bank. "We look at it from a broader country perspective. The index has expanded from 30 to 50 constituents; meanwhile, Maybank's weighting has changed slightly, and we remain the largest constituent. Our focus is on improving our performance, increasing return on equity and delivering sustainable returns to shareholders. So, notwithstanding any slight change in our index weighting, we believe the overall pie can become larger, giving Maybank an opportunity to participate in a bigger investment market."

Cautiously Optimistic Outlook

Maybank chairman Tan Sri Zamzamzairani Mohd Isa said amid an evolving operating environment, the lender remains cautiously optimistic about its prospects, especially moving ahead into 2H26. "Our robust capital and liquidity positions provide a strong foundation for us to navigate changing market conditions with confidence, while maintaining the financial capacity to support our customers and businesses," he said.

Beyond Home Markets

Khairussaleh said the bank also sees opportunities beyond its home markets to grow its wealth management base, citing its presence in Greater China and Dubai. "By connecting these markets with our corporate and investment banking businesses, we can refer wealth-management opportunities into Asean. This hub-and-spoke approach gives us another avenue for growth, and we believe there remains significant potential to scale the wealth management business," he highlighted.