KUALA LUMPUR (May 8): Malayan Banking Bhd (Maybank) will revise its base lending rate (BLR) and base rate (BR) by 20 basis points (bps) effective tomorrow in line with the cut in Bank Negara Malaysia (BNM)’s Overnight Policy Rate (OPR) to 3% on May 7.

In a statement, the banking group said its BR would drop 20 bps to 3.05% per annum from 3.25%, while its BLR would be revised to 6.7% per annum from 6.9%.

Maybank’s Islamic BR and BLR will also be reduced by 20 bps to 3.05% per annum (from 3.25%) and 6.7 per annum (from 6.9%) respectively.

Furthermore, its fixed deposit rates would also be adjusted 20 bps downwards from tomorrow onwards.

The last time Maybank revised its base rate was on Jan 29, 2018, whereby it raised its base rate by 25 bps to 3.25%, from 3%

Maybank Group President and Chief Executive Officer (CEO) Datuk Abdul Farid Alias said the bank’s base rate and BLR were the lowest among Malaysian commercial banks.

“Our revision in rates will continue to benefit our borrowers who have loans pegged to the BR/BLR as their applicable interest rates will be adjusted downwards accordingly from May 9.

“At the same time, we have endeavoured to ensure that depositors continue to receive an appropriate return for their deposits as fixed deposit rates have been adjusted less than the 25 basis points decrease in OPR,” said Farid

He added that for its customers' benefit, Maybank will continue to manage its assets and liabilities to ensure that interest rates are price responsibly at all times.

Maybank’s share price dropped two sen to RM8.97, with 5.89 million shares traded, giving it a market capitalisation of RM99.12 billion.