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Maybank Q1 profit rises YOY as provisions decline

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Maybank Q1 profit rises YOY as provisions decline

Malayan Banking Bhd. reported a year-over-year increase in net profit for the quarter ended March 31, thanks in part to lower provisions.

The Malaysian bank said consolidated net profit attributable to its equity holders increased to 1.87 billion ringgit from 1.70 billion ringgit. EPS was 17.26 sen, up from 16.73 sen in the year-ago period.

The bank's net interest income fell year over year to 3.02 billion ringgit from 3.03 billion ringgit, while income from Islamic banking operations rose to 1.35 billion ringgit from 1.21 billion ringgit in the year-ago quarter.

Net allowances for impairment losses on loans, advances, financing and other debts dropped to 509.3 million ringgit from 542.5 million ringgit.

For the first quarter, net earned insurance premiums increased year over year to 1.51 billion ringgit from 1.25 billion ringgit.

As of March 31, the group's common equity Tier 1 capital ratio and Tier 1 capital ratio were 14.314% and 15.941%, respectively, compared to 14.773% and 16.459% as of Dec. 31, 2017. Its total capital ratio was 19.063%, compared to 19.383% at the end of 2017.

As of May 25, US$1 was equivalent to 3.98 Malaysian ringgit.