PUBLIC BANK Q2 NET JUMPS 4.8PC TO RM 1.39B
KUALA LUMPUR: Public Bank Bhd’s net profit increased 4.8 per cent in the second quarter ended June 30 to RM1.39 billion, from RM1.33 billion recorded in the same quarter last year.
Public Bank founder and chairman Tan Sri Dr Teh Hong Piow said the higher profit was largely driven by growth in its loan and deposit business, with further impetus from a 4.9 per cent increase in non-interest income.
Its revenue in the second quarter increased 5.2 per cent to RM5.44 billion from RM5.17 billion.
“Sustained business strength continued to place the group in a strong competitive position, with its net return on equity standing at 15 per cent.
“Similarly, the group’s cost-toincome ratio of 33.1 per cent and gross impaired loans ratio of 0.5 per cent remained the best in the domestic banking industry,” he said in a statement yesterday.
For the six months, Public Bank’s net profit jumped 8.6 per cent to RM2.8 billion from RM2.58 billion, while revenue increased 5.8 per cent to RM10.79 billion from RM10.19 billion recorded in the same period a year ago.
Public Bank has declared a first interim dividend of 32 sen per share, which will result in a total dividend payout of RM1.24 billion. The first interim dividend will be paid on September 19.
Teh said the group would continue to ride on the growing economy to strengthen its banking business along its organic growth strategy.
“The group’s resilient fundamentals, consistent financial performance, agility to market changes and strong customer service culture will continue to be the essential qualities in driving the sustainability of the group’s business, for the interests of all its stakeholders,” he said.