Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
Public Bank's Q3 net profit declines slightly to RM1.37 bln
Last update: 07/11/2019

KUALA LUMPUR, Nov 7 -- Public Bank Bhd’s net profit for the third quarter (Q3) ended Sept 30, 2019, declined slightly to RM1.37 billion from RM1.4 billion recorded in the same period last year.

Revenue also eased to RM5.61 billion from RM5.62 billion.

Founder and chairman emeritus Tan Sri Dr Teh Hong Piow said the bank’s performance was affected by the reduction in the overnight policy rate (OPR) in May this year as well as macro headwinds.

“The reduction in OPR also resulted in the decline in net interest margins for the banking sector,” he said in a filing to Bursa Malaysia today.

For the nine-month period, Public Bank’s net profit fell to RM4.15 billion from RM4.23 billion, while revenue increased to RM16.78 billion from RM16.4 billion in the same period of last year.

Going forward, Teh said the bank would maintain a cautious stance amid the growing downside risks.

However, he also said this would not hinder it from pursuing continued business expansion, as pockets of opportunities remained for banks to explore the growing Malaysian and regional economies.

“These include a sustained demand for affordable housing and new growth opportunities arising from the advancement of digital banking,” he added.

According to Teh, Public Bank’s fundamental strength would continue to position it for future growth and to develop new competitive strength, centered on the bank’s strategy to continue delivering values to stakeholders.

-- BERNAMA

 


 <Back>

Petronas to collaborate with Bank Muamalat on VFP
Bank Muamalat named Khairul Kamarudin as new CEO

 
Bank Muamalat aims to have 15,000 merchants using QR scanning next year

FWD Takaful injects RM5 million for para athletes in preparation for 2020 Paralympics
Malaysia’s Lonpac Insurance Bhd has excellent credit ratings - AM Best

 
Japan non-life insurance segment has stable outlook - AM Best

CLOSING, THURSDAY, NOV 21
US4.1680/1710
S'pore3.0607/0633
100 Yen3.8404/8435
Sterling5.3946/3002
Euro4.6202/6252
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
Yes
No
Not sure
 
  Main | News | Insurance

© 2019 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution