Dip in Maybank quarterly net profit

PETALING JAYA: Malayan Banking Bhd (Maybank), has recorded a dip in net profit for the first quarter, at a time when the industry is facing stiff competition and headwinds from softening economic prospects.

Malaysia’s largest lender announced that its net profit for the quarter ended March 31 had dropped 3.3% to RM1.81bil compared with RM1.87bil in the corresponding quarter last year.Most of its smaller counterparts, which released their results during the week, also recorded lower net profits for the January-to-March quarter.