Public Bank achieves pre-tax profit of RM3.37 billion for 1H17
KUALA LUMPUR: For the first half of the year ended June 30, 2017 (1H17), the Public Bank Group’s pre-tax profit increased to RM3.37 billion, up 5.1 per cent from the corresponding period in 2016.
Over the same period, net profit attributable to shareholders increased by 3.8 per cent to RM2.58 billion.
On its quarterly performance, the group’s net profit for the second quarter of 2017 (2Q17) of RM1.33 billion represented a six per cent growth as compared to the 2Q16.
Public Bank founder and chairman Tan Sri Dr Teh Hong Piow in a statement said that the KUALA LUMPUR: Confidence in the Malaysian property sector remained stable in the first half of 2017, with 36 per cent of respondents expressing overall satisfaction with market conditions during the period, according to PropertyGuru Malaysia’s Consumer Sentiment Survey.
The survey also found that another 24 per cent of respondents expressed neutral views, with negative perceptions declining to 39 per cent from a high of 53 per cent in the first quarter of 2015.
The sentiment was further supported by stable price perception for all property types in Malaysia, PropertyGuru said in a statement yesterday.
“The key factor cited by consumers for overall satisfaction was the gradual but stable appreciation of property prices, particularly for landed residential properties in the key urban epicentres of Kuala Lumpur, Penang and Johor.
“This is a marked contrast to the price hikes of previous years where flipping activity by speculators contributed to market over-heating andover-supply for certain property classes,” it said.
PropertyGuru Malaysia Country Manager, Sheldon Fernandez, said currently, the property market primarily consists of owner-occupiers or longer-term investors, with landed properties purchased largely by families or newly-weds using joint income affordability, providing the momentum for sales and purchase transactions. — Bernama Public Bank Group has continued with its positive momentum in sustaining profitability growth.
“The group’s clear and focused business strategy coupled with its prudent credit culture, continues to underpin its consistent financial performance under the current challenging operating environment.”
The Public Bank Group’s sustained profitability continued to be driven by the expansion in its loan and deposit portfolio, which led to a growth of 8.3 per cent in its net interest income.
“With the improved profitability, the Public Bank Group achieved a net return on equity of 15.3 per cent. The group’s financial strength was also attributed to its strong asset quality and efficient cost management, as reflected in its gross impaired loan ratio of 0.5 per cent and cost-to-income ratio of 33.8 per cent as at the end of June 2017,” Teh added.
In view of the group’s favourable performance, Teh announced that the board of directors has declared a first interim dividend of 27 Sen per share, which will result in a total dividend payout of RM1.04 billion.
“The first interim dividend will be paid on August 17, 2017 based on the dividend entitlement date of August 9, 2017,” he said.
Malaysia’s property sector remains stable in first half — survey