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CIMB Bank posts 1.6% decline in FY'16 profit

CIMB Bank Bhd. reported a 1.6% year-over-year decline in net profit for 2016, as allowances for impairment losses increased.

The bank said net profit attributable to owners of the parent fell to 3.23 billion Malaysian ringgit from 3.28 billion ringgit. Basic EPS fell to 62.61 sen from 67.65 sen.

Net interest income increased to 6.35 billion ringgit from 6.26 billion ringgit in the year-ago period. Income from Islamic banking operations grew year over year to 1.45 billion ringgit from 1.37 billion ringgit.

Meanwhile, the bank increased its allowances for impairment losses on loans, advances and financing to 1.05 billion ringgit from 759.8 million ringgit in 2015.

CIMB Bank is a unit of CIMB Group Holdings Bhd.

As of March 6, US$1 was equivalent to 4.45 Malaysian ringgit.