KUALA LUMPUR (May 30): Malayan Banking Bhd's (Maybank) net profit for the first quarter ended March 31, 2019 fell 3.3% year-on-year (y-o-y) to RM1.80 billion versus RM1.87 billion, on the back of additional provisioning for clients impacted by the challenging operating environment.

In a filing to Bursa Malaysia today, Maybank said revenue for the quarter rose to RM5.86 billion from RM5.82 billion a year earlier.

Earnings per share slipped to 16.37 sen from 17.26 sen previously. Maybank did not declare any dividend.

In a separate statement, Maybank chairman Datuk Mohaiyani Shamsudin said the results were within expectations given the softer outlook that had been expected as a result of ongoing geo-political issues globally.

"We will nevertheless remain focused in driving our growth agenda through disciplined pricing of credit, ensuring sound cost and risk management, as well as driving productivity and efficiency for sustainable future growth," said Mohaiyani.

Meanwhile, group president and CEO Datuk Abdul Farid Alias said that while the first quarter was relatively benign, the recent revision in interest rates is expected to support economic expansion in the coming quarters and lead to a stronger growth path for Malaysia.

"Within the region, ASEAN continues to be an important market for the group with its growing population and stable economic growth, and we continue to see opportunities that we can tap into, particularly as we drive our digital agenda forward," he said.

At the midday break, Maybank dipped 0.11% or 1 sen to RM9.04 with 1.66 million shares traded.