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Send to friendWith an asset size of SGD41.5 billion and 1,400 staff, Maybank Singapore is one of the few banks to have Qualifying Full Bank (QFB) status and a significant presence in retail and wholesale banking.
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“Amidst challenging and volatile market conditions, we implemented several short term action plans to capitalise on market opportunities without losing sight of our overall strategic direction. Our continual focus on customer-centricity and employee engagement also underpinned our success in achieving another record-profit year.”
Pollie Sim Sio Hoong |
We have one of the largest networks of full-service branches of all the foreign banks in Singapore. Together with five offsite ATMs, we are part of atm5, Singapore’s only shared ATM network among the six QFBs with a combined total of 140 ATMs.
We provide a full range of consumer, commercial and corporate banking products and services, with strengths in selected niche areas.
Maybank Singapore contributed close to 57% profit before tax of Maybank’s international PBT. PBT climbed 11% in FY2011 to reach SGD375 million, driven by an increase in non-interest income and a lower impairment allowance. A sizeable rise in consumer and business loans pushed loans to SGD22 billion, 25% up on the previous financial year. We also successfully maintained asset quality, achieving a gross impaired loans ratio of 0.46% as at 30 June 2011 – a 0.17% improvement on the year before.
Maybank Singapore strives to improve portfolio profitability and to focus on building on our core strengths of:
We are opening new frontiers by introducing an array of products and services and entering strategic alliances to generate fresh revenue streams and higher fee-based income.
We continued to build our capabilities by developing our human capital and leveraging new technology and tools to enhance efficiency and innovation. We have invested in critical technology and infrastructure in the key areas of straight-through processing initiatives, enterprise content management, and branch re-engineering to raise overall efficiency and effectiveness as well as to support innovation and business growth.
Meanwhile, we have employed various acquisition tools to build a strong customer base. Improving eChannel functionalities enabled us to win more internet-savvy customers. We have simultaneously capitalised on our cross-border network and resources to manage, monitor and better serve customers with international portfolios, such as the high net worth individuals segment.
Customer service excellence and corporate social responsibility initiatives continue to be part of our continuous efforts to humanise our service delivery and at the same time raise market profile and visibility.
During the year, Maybank Singapore garnered several awards, namely:
Working with the Central Singapore Community Development Council, we launched several initiatives, such as the Maybank Family Fund, to extend a helping hand to low-income families. Within months of the launch, we raised over half a million dollars for the Fund.
With economic growth predicted to moderate in FY2012, we expect total bank lending to grow at a slower rate of 8%. Housing loans are not likely to repeat the exceptional growth seen in 2010, given the cooling measures implemented this year, which will weigh on both property transactions and prices.
Our strategy for the coming financial year is to sustain our business portfolio growth by enlarging our share of the SME segment and further penetrating our presence in consumer lending.
