Maybank's Q1 net profit falls 16%

Singapore

SOUTH-EAST Asia's fourth largest bank by assets, Maybank, has reported a 15.9 per cent year-on- year drop in first-quarter net profit to RM1.43 billion (S$481.34 million), due to provisions for restructuring of loans.

The increase in provisioning was primarily owing to the rise in number of corporate loans undergoing restructuring and rescheduling of their repayment to better match their projected cash flows arising from the subdued operating environment, the Malaysian-based lender on Friday said.