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Maybank Islamic Q1 profit surges YOY

Maybank Islamic Bhd.'s profit attributable to equity holders for the quarter ended March 31 more than doubled to 549.3 million Malaysian ringgit from 252.6 million ringgit in the same period last year.

The bank said May 31 that EPS grew to 162.07 ringgit from 89.73 sen.

Income derived from investment of depositors' funds rose to 2.34 billion ringgit from 2.07 billion ringgit, while income derived from investment of investment account funds fell to 278.8 million ringgit from 311.4 million ringgit.

The lender's total distributable income for the quarter came in at 2.78 billion ringgit, up from 2.11 billion ringgit a year earlier. Total net income also jumped to 1.23 billion ringgit from 784.2 million ringgit.

Maybank Islamic booked a net writeback of impairment losses on financing and advances of 42 million ringgit, compared with net allowances for impairment losses on financing and advances of 348.5 million ringgit in the year-ago period.

At the end of March, the bank's total capital ratio stood at 20.696%, down from 22.545% at the end of 2018. Its Tier 1 and common equity Tier 1 ratio for the period came to 17.094% and 15.545%, respectively, down from 17.984% and 16.368%, respectively, as of Dec. 31, 2018.

Maybank Islamic is a unit of Malayan Banking Bhd.

As of May 31, US$1 was equivalent to 4.19 Malaysian ringgit.