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RAM Ratings affirms AAA/P1 financial institution ratings of Maybank and its core banking units; outlook stable
Published on 19 Dec 2025.
RAM Ratings has affirmed the AAA/Stable/P1 financial institution ratings (FIRs) of Malayan Banking Berhad (Maybank or the Group) and its principal banking subsidiaries. Concurrently, the ratings of the respective entities’ sukuk and debt facilities have also been affirmed (see Table 1).
The rating affirmation reflects Maybank’s entrenched market leadership as Malaysia’s largest bank, underpinned by a proven management track record. The Group’s credit fundamentals are further supported by its healthy asset quality, strong funding capabilities and diversified income sources that lend to sound pre-provision profit generation and capital accretion. These strengths, combined with robust capitalisation, provide the Group with sufficient financial headroom against potential asset quality deterioration. Considering Maybank’s systemic importance, we believe extraordinary government support will be forthcoming if needed.
Maybank’s gross impaired loan ratio remained healthy at 1.3% as at end-September 2025, albeit slightly up from end-December 2024 (1.2%). While pockets of vulnerabilities remain, we expect Maybank to manage these risks effectively through proactive risk monitoring, early intervention through loan restructuring and intensified collection efforts. Credit cost ratio has remained within a manageable range of 20-30 bps in recent years (9M FY Dec 2025: annualised 11 bps).
Maybank posted a stronger pre-tax profit of RM10.6 bil in 9M fiscal 2025 (+3.2% y-o-y; 9M fiscal 2024: RM10.3 bil), driven by improved investment and trading income and wealth management fees as loan growth slowed to 2.7% (9M fiscal 2024: +7.6%). Despite reduced benchmark rates across the Group’s key markets, compression in net interest margin was mild (-1 bps to 2.03%) thanks to active liability management. With three-year average return on risk-weighted assets of 3.0% and return on assets of 1.3%, the Group’s profitability is sound in our view. Maybank’s capitalisation remains robust, with post-dividend common equity tier-1 capital ratio consistently between 14.5%-15.5% in recent years (end-September 2025: 14.9%).
The FIRs of Maybank Islamic Berhad’s and Maybank Investment Bank Berhad mirror the Group’s, reflecting their core status within Maybank. Maybank Islamic, the Group’s flagship Islamic banking entity, is the largest Islamic bank in Malaysia and is well regarded in the global Islamic finance industry. Maybank Investment is a leading player in the local investment banking sector, consistently ranking among the top three in the domestic equity and debt capital market league tables.
Table 1: Ratings of entities and debt facilities
Analytical contacts
Loh Kit Yoong
(603) 2708 8285
kityoong@ram.com.my
Chan Yin Huei
(603) 2708 8296
yinhuei@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2025 by RAM Rating Services Berhad
Rating Rationale: Malayan Banking Berhad
Rating Rationale: Maybank Islamic Berhad
