Maybank's Q2 profit sinks more than half to $225.95m

Impairment allowances surged to $417m.

Malaysia’s Maybank posted a 51.5% fall in Q2 profit to $225.95m (MYR942m) as incomes sank and impairments surged, a bourse filing revealed.

On a half-year basis, group profit sank to $717m (MYR2.99b) from $899m (MYR3.75b) in H1 2019.

Revenue slipped 9.7% to $2.82b (MYR11.8b). Net interest income and Islamic banking income fell to $647m (MYR2.7b) and $300m (MYR1.25b), respectively.

Allowances for impairment losses including loans, advances and financing and other debts skyrocketed to $417m (MYR1.74b) from $93.9m (MYR392m) in Q2 2019.

Profit from banking operations dipped to $485m (MYR2.03b) whilst net earned insurance premiums rose to $417m (MYR1.47b).

Earnings per share was MYR0.838 cents. No interim dividend has been recommended during the financial half year ended 30 June.