The postponed Maybank 61st AGM was conducted on 6th May 2021. This is my second time join Maybank AGM online.
Maybank was supposed to conduct their 61st AGM on 15th April but due to technical glitch they had to postpone the AGM to 6th May.
The AGM starts at 10AM and ends by 330PM
Maybank Online AGM is conducted via Boardroom.
Key Highlights FY2020 Performance
- Net Operating Income increases 0.6% YOY
- Overhead reduces by -2.7% YOY
- Pre provision profit is RM13.52B (increase by 2.6%)
- Provision for Credit losses increase more than 100% to RM5.07B
Macroeconomic Headwinds
- Covid 19 pandemic forced border closures.
- Result in weak global and domestic demand
- Low interest rate environment
- Asset qualities weakness
Dividend Payout
- 52 sen dividend payout for Y2020
- Maybank dividend yield is higher than other banks in Malaysia and regional banks.
- Highest dividend payout for the past 10 years at 91.2% payout
- Capital level is still healthy even after dividend payout
Key Responsibilities
- Customers – provide financial relief
- Employees – enabled WFH and other safety measures
- Investors – reclassification of dividend for faster payout
- Regulators – establish framework and guidelines for lending
- Communities – Maybank contributed over RM20M to mercy
Moving Forward FY2020 – Digital Solutions
- M25 – 13% – 15% ROE and more than 100 sen earning per share
- Digital journey – SME online application, EzQ to make appointment to any Maybank branch and develop online platform for small businesses.
Corporate Social Responsibilities
- Contributed RM20M to Mercy
- Raised RM3M to assist vulnerable communities and to support Covid-19 initiative
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.
- For all attendees of Maybank AGM will receive RM50 to their MAE for the postponed AGM and another RM50 who attended the AGM on 15th April. So who attended both AGMs will receive RM100.
- According to Maybank, they don’t plan to reduce their branches like other global banks.
- Maybank uses its huge database on analysis for credit risks and loan offering.
- Another question whether Maybank plans to introduce its own bitcoins in which Maybank replies no.
- A shareholder asks why Maybank appoints Tan Sri Zam as its chairman who doesn’t have any financial background. According to Maybank they need someone with technology background at board level to help Maybank in their digital journey.
Conclusion
Good insight on Maybank performance on the meeting and Maybank plans to do more digital solutions moving forward to mitigate Covid-19 impact.
Another good thing receive door gift of RM50 which this is my second time receiving RM50 for attending Maybank AGM.