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Public Bank Q1 net profit higher at RM1.42 bln
Last update: 02/05/2018

KUALA LUMPUR, May 2 (Bernama) --†Public Bank Bhd's (PBB) net profit for the first quarter (Q1) ended March 31, 2018 increased†to RM1.42 billion from RM1.27 billion recorded in the same†period last year.

Revenue was also higher at RM5.35 billion from RM5.03 billion in the previous corresponding period.

In a filing with†Bursa Malaysia today, Founder and Chairman Tan Sri†Dr Teh Hong Piow†said†the strong performance was supported by the sustained growth of four per cent†in the†group's net interest income and†complemented by a strong 15.6 per cent growth in non-interest income.

"This resulted in a continued favourable set of financial performance indicators as reflected in the group's 15.2 per cent net return on equity, gross impaired loans ratio of 0.5 per cent, and cost-to-income ratio of 32.6 per cent, which remained the best in the domestic banking industry," he said.

PBB said†its†core revenue continued to be driven by its healthy growth in loans and deposits business whereby in Q1, total gross loans increased at an annualised rate of three per cent†with domestic loans growing faster at an annualised rate of five per cent.

On future prospects,†Teh said the Malaysian banking sector had†long benefited from the stable economic conditions and prudent regulatory environment over the years, which allowed†the bank to stay resilient to serve its customers.

"We expect domestic demand to remain favourable in 2018 and†the resilient growth in the domestic economy will continue to be a strong support to our†banking business.

"The group will stay agile to the advancement in financial technology†and will continue to enhance its digital capability in response to market needs," he added.



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Source: Bank Negara Malaysia

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