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ACLEDA Bank Q1 net profit slips 6.3% YOY on higher provisions

ACLEDA Bank Plc posted a 6.3% year-over-year decline in net profit for the three months ended March 31 as provisions surged.

The bank said profit attributable to equity holders for the first quarter fell to US$28.3 million from US$30.1 million in the year-ago period.

Net interest income increased to US$71.8 million from US$70.6 million, while provision for loan losses more than doubled to US$6.6 million from US$3.2 million in the prior-year quarter.

Meanwhile, net fee and commission income rose to US$13.5 million from US$11.5 million.