Maybank Islamic Bhd. posted a year-over-year rise in profit for the quarter ended June as allowances for impairment losses dropped.
The bank said Aug. 30 that profit attributable to equity holders of the parent increased to 490.4 million Malaysian ringgit from 372.9 million ringgit in the prior-year period. EPS stood at 1.70 ringgit, up from 1.32 ringgit.
Total distributable income for the quarter rose to 2.53 billion ringgit from 2.06 billion ringgit. Income from investment of depositors' funds grew to 2.22 billion ringgit from 1.71 billion ringgit, while income from investment of investment account funds dropped to 274.6 million ringgit from 394.9 million ringgit.
Net allowance for impairment on financing and advances fell to 77.9 million ringgit from 124.3 million ringgit.
For the first half, the lender's profit attributable to equity holders slipped to 743.0 million ringgit from 776.7 million ringgit in the prior-year half. EPS for the period fell to 2.60 ringgit from 2.76 ringgit.
Net impaired financing and advances ratio was 0.71% as of June 30, down from 0.81% at the end of 2017.
At the end of June, the bank's total capital ratio came in at 19.047%, down from 20.782% as of Dec. 31, 2017. Over the same period, its Tier 1 and common equity Tier 1 ratios stood at 14.721% and 13.194%, respectively, both down from 16.150% and 14.500%.
The bank's board declared a single-tier interim dividend of 2.37 ringgit per share, down from 2.70 ringgit per share.
Maybank Islamic is a unit of Malayan Banking Bhd.
As of Aug. 30, US$1 was equivalent to 4.12 Malaysian ringgit.