First time I attended Maybank Annual General Meeting online on 26th June 2020 10AM.
Due to Covid-19, Maybank Annual General Meeting is conducted online. Maybank gaves very clear instruction on how to participate in its first AGM.
Maybank Online AGM via Tricor Online
At first must register with Tricor and participate in the Maybank AGM.
Maybank First Online AGM
Starts of the meeting was opened by the chairwoman and followed by greetings from board members.
Key Highlights FY2019 Performance
- Net Operating Income increases 4.6% YOY
- Low single digit overheads growth 2.8% YOY
- New record high net profit of RM8.2 billion
- US-China trade war
- Slower economic growth globally and regionally
- Political uncertainties
- Low interest rate environment
- Asset qualities weakness
Key Highlights Q1 FY2020 Performance
- Net operating income grew 14.7% YOY
- Higher loan provision (LLP) of 59.2%
- Net profit up 13.3% YOY to RM2.o5 billion.
Moving Forward FY2020 – Digital Solutions
- MAE to be Shariah compliant
- GrabPay can directly link with Maybank2u
- Online ASB Financing
Sustainability & Community Development
Some highlights on sustainability & community development.
- CashVille Kidz – financial education for kids
- Maybank Foundation community investments in all 10 ASEAN countries
Questions from Shareholders
Most questions are regarding Covid-19 impact to Maybank performance & its dividend policy.
Maybank CEO explained that it is hard for Maybank to gauge the impact but the dividend policy remains around 60% of net profit.
Shareholders also ask whether Maybank gives any goodies for online AGM as physical AGM, Maybank provides goodies.
Maybank CEO informed that Maybank will bank in RM50 to every shareholders who attended the 60th AGM to their MAE e-wallet.
Good insight on Maybank performance on the meeting and Maybank plans to do more digital solutions moving forward to mitigate Covid-19 impact.
A bit sleepy though this online AGM as you need to be in front of computer for hours.