Maybank Islamic Bhd. reported a year-over-year jump in its profit for the quarter ended Sept. 30 on the back of lower impairment losses.
The Malaysian bank said in a Nov. 30 report that profit attributable to equity holders of the parent rose to 507.9 million ringgit from 279.6 million ringgit in the prior-year period. EPS for the quarter came in at 180.38 sen, up from 103.39 sen.
Income from investment of depositors' funds increased to 1.80 billion ringgit from 1.50 billion ringgit, while income from investment of investment account funds slipped to 365.9 million ringgit from 455.8 million ringgit.
Allowance for impairment losses on financing and advances dropped year over year to 1.7 million ringgit from 149.1 million ringgit.
The lender said total distributable income for the quarter amounted to 2.23 billion ringgit, up from 1.90 billion ringgit, while total net income inched up to 1.01 billion ringgit from 703.9 million ringgit in the year-ago period.
For the nine months to Sept. 30, the bank's profit attributable to shareholders of the parent totaled 1.28 billion ringgit, up year over year from 839.9 million ringgit in the same period of 2016. EPS climbed to 456.23 sen from 315.67 sen.
As of end-Sept., the lender's total capital ratio clocked in at 16.165%, down from 18.553% at Dec. 31, 2016. Its common equity Tier 1 and Tier 1 ratios each stood at 11.882% at end-Sept., down from 13.992% each at end-2016.
Maybank Islamic is a unit of Malayan Banking Bhd.
As of Nov. 30, US$1 was equivalent to 4.09 Malaysian ringgit.
