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Maybank Q1 profit falls 3.3% YOY

Malayan Banking Bhd., or Maybank, reported a 3.3% year-over-year decline in profit for the first quarter, partly due to higher allowances for impairments.

The group on May 30 reported a first-quarter profit attributable to equity holders of 1.81 billion Malaysian ringgit, down from 1.87 billion ringgit in the prior-year period. EPS declined to 16.37 sen from 17.25 sen.

Net interest income declined to 2.95 billion ringgit from 3.02 billion ringgit, while income from Islamic banking scheme operations climbed to 1.50 billion ringgit from 1.35 billion ringgit.

Total operating income rose to 7.75 billion ringgit from 7.18 billion ringgit, while net operating income inched up to 5.86 billion ringgit from 5.82 billion ringgit. Operating profit fell to 2.42 billion ringgit from 2.55 billion ringgit.

Net allowances for impairment losses on loans, advances, financing and other debts amounted to 604 million ringgit, up from 509.3 million ringgit in the prior-year quarter. The group booked net allowances for impairment losses on financial investments of 24.6 million ringgit, compared to a writeback of 14.9 million ringgit in the prior-year period.

As of March 31, the group's total capital ratio clocked in at 19.520%, up from 19.024% at Dec. 31, 2018. Over the same period, the group's Tier 1 capital ratio rose to 16.026% from 15.983%, while its common equity Tier 1 capital ratio inched up to 15.071% from 15.029%.

As of May 29, US$1 was equivalent to 4.19 Malaysian ringgit.