Wednesday, 18 April 2012

Public Bank 1Q profit up 6% year-on-year

KUALA LUMPUR (April 18) : PUBLIC BANK BHD [] says its first quarter (1Q) net profit rose 6% from a year earlier as higher interest and fee-based income, besides lower allowance for impaired loans, mitigated the impact of higher operating expenses.

Public Bank told the exchange on Wednesday that its net profit came to RM940.81 million in the quarter ended March 31, 2012 against RM884.06 million previously. Revenue was up 13% to RM3.37 billion from RM2.99 billion.

“The Public Bank group is expected to sustain its strong market position in the domestic retail operations segment, driven by continued growth in retail lending and customer deposits. The group continues to see growth opportunities for residential and commercial PROPERTIES [], underpinned by steady economic growth, stable inflation, low unemployment and accommodative interest rates.

“While more moderate household loan growth is expected due to various prudential measures introduced since late 2010, this will be balanced by sustained demand for business loans amid growing investment by businesses and ongoing efforts by the government to further promote the growth of the small- and medium enterprises,” Public Bank said.

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