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CIMB Bank Q1 net profit falls YOY on higher impairments

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CIMB Bank Q1 net profit falls YOY on higher impairments

CIMB Bank Bhd. posted a year-over-year decline in net profit for the quarter ended March 31, amid higher impairments and a slight dip in net interest income.

The Malaysian bank said in a May 30 report that profit attributable to owners of the parent fell to 1.01 billion ringgit from 1.11 billion ringgit in the year-ago period. Basic EPS dropped to 18.16 sen from 20.97 sen.

Net interest income for the period amounted to 1.65 billion ringgit from 1.69 billion ringgit, while income from Islamic banking operations grew to 510 million ringgit from 407.6 million ringgit.

The lender's allowance for impairment losses on loans, advances and financing rose to 143.1 million ringgit, from 131.5 million ringgit a year earlier.

As of March 31, its total capital ratio stood at 16.719%, while its Tier 1 and common equity Tier 1 ratios clocked in at 12.588% and 11.500%, respectively.

CIMB Bank is a unit of CIMB Group Holdings Bhd.

As of May 30, US$1 was equivalent to 3.99 Malaysian ringgit.