KUALA LUMPUR: Malayan Banking Bhd (Maybank), the country’s top lender, recorded a 21 per cent jump in revenue at RM11.18 billion for the first quarter ended March 31, 2016.
However, its net profit fell 16 per cent at RM1.43 billion during the quarter, as the group set aside more provisioning.
“The increase in provisioning was primarily owning 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,” said the lender in a statement earlier.
During the quarter, it also recorded a higher net fund based income of 11.9 per cent, as group loans grew 5.6 per cent led by retail franchise growth and improved net interest margin.
At mid-day, Maybank shares on Bursa Malaysia closed 0.24 per cent higher, or 2 sen, at RM8.39.