(1155.KU), known as Maybank, on Monday reported a 10% increase in first-quarter net profit, boosted by higher Islamic banking income and net earned insurance premiums. In a stock-exchange filing, Malaysia's largest bank by assets said net profit for the January-March period rose to 1.87 billion ringgit ($469.7 million) from MYR1.70 billion a year ago. Maybank was expected to post a net profit of MYR1.85 billion, according to FactSet. Its net interest income was nearly flat at MYR3.02 billion, compared with MYR3.03 billion the prior year. The income from Islamic banking operations rose to MYR1.35 billion from MYR1.21 billion a year earlier and net earned insurance premiums stood at MYR1.51 billion versus MYR1.25 billion last year.

Source: Wall Street Journal May 28, 2018 06:11 UTC