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Maybank Islamic Q2 net profit rises 7.8% YOY, ups interim dividend

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Maybank Islamic Q2 net profit rises 7.8% YOY, ups interim dividend

Maybank Islamic Bhd. reported a 7.8% year-over-year increase in net profit for the quarter ended June 30.

The bank's second-quarter net profit rose to 528.6 million Malaysian ringgit from 490.4 million ringgit in the year-ago period. EPS, however, slipped to 1.56 ringgit from 1.70 ringgit, according to an Aug. 30 earnings report.

Income from investment of depositor's fund grew to 2.30 billion ringgit from 2.22 billion ringgit, while income from investment of investment account funds fell to 268.1 million ringgit from 274.6 million ringgit.

Total distributable income went up to 2.69 billion ringgit from 2.53 billion ringgit. Total net income came to 1.13 billion ringgit, up from 1.08 billion ringgit.

The bank booked net writeback of impairment losses on financing and advances of 23.8 million ringgit, compared to net allowance of 77.9 million ringgit a year earlier.

At the end of June, the bank's total capital ratio clocked in at 19.974%, down from 22.545% as of Dec. 31, 2018. Its Tier 1 and common equity Tier 1 ratio for the period fell to 16.445% and 14.928%, respectively, from 17.984% and 16.368%, respectively, at the end of 2018.

The lender's board declared a single-tier interim dividend of 3.09 ringgit per share, up from 2.37 ringgit per share in the prior-year period.

Maybank Islamic is a unit of Malayan Banking Bhd.

As of Aug. 30, US$1 was equivalent to 4.22 Malaysian ringgit.