Maybank’s net interest income and Islamic Banking income both fell 8.2 per cent, while allowances for impairment losses on loans and financing rose 344.1 per cent. — Picture by Yusof Mat Isa
KUALA LUMPUR, Aug 27 — Malayan Banking Bhd , Malaysia’s largest lender by asset, reported a 51.5 per cent fall in second-quarter profit as incomes shrunk and impairments rose, it said in a bourse filing today. Maybank’s net profit for the April-June period was RM942 million compared with RM1.9 billion a year ago, lagging behind a RM1.64 billion estimate by analysts in a Refinitiv poll.The bank’s net interest income and Islamic Banking income both fell 8.2 per cent, while allowances for impairment losses on loans and financing rose 344.1 per cent.
“Given the significant interest rate cuts in 2020 across our key markets, the group’s net interest margin will compress,” Maybank said, adding that it will seek to offset the impact by growing current and savings deposits which carry a lower cost.Malaysia’s economy shrunk 17.
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