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Maybank Islamic reports YOY increase in Q1 net profit

Maybank Islamic Bhd. said net profit for the first quarter rose to 403.8 million ringgit from 359.5 million ringgit in the prior-year period.

EPS for the period climbed to 1.43 ringgit from 1.36 ringgit, the bank said.

Income from investment of depositors' funds inched up to 1.60 billion ringgit from 1.48 billion ringgit, while income from investment of investment account funds also grew to 412.4 million ringgit from 317.9 million ringgit, the bank said. As a result, total distribution income increased to 2.04 billion ringgit from 1.84 billion ringgit in the year-ago quarter.

Allowance for impairment on financing and advances surged to 53.4 million ringgit from 28.1 million ringgit.

Maybank Islamic's net impaired financing and advances ratio came in 0.88% at the end of March, up from 0.79% at the end of December 2016.

As of March 31, the bank's total capital ratio clocked in at 17.975%, down from 18.553% at the end of 2016. Its Tier 1 and common equity Tier 1 capital ratios stood at 13.566% each, down from 13.992% as of Dec. 31, 2016.

Maybank Islamic is a unit of Malayan Banking Bhd.

As of May 29, US$1 was equivalent to 3.98 Malaysian ringgit.