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Public Bank posts 4.8% jump in Q2 net profit, declares 32 sen dividend

August 15, 2018 2:51 PM
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PETALING JAYA: Public Bank Bhd's net profit for the second quarter ended June 30, 2018 rose 4.8% to RM1.40 billion from RM1.33 billion a year ago due mainly to higher net interest income, higher income from Islamic banking business, lower loan impairment allowance and higher net fee and commission income.

Revenue jumped 5.2% to RM5.44 billion compared with RM5.17 billion in the previous year's corresponding quarter.

For the six months period, the bank's net profit increased by 8.6% to RM2.80 billion from RM2.58 billion a year ago, due mainly to higher net interest income, higher net fee and commission income and higher income from Islamic banking business.

Revenue jumped 5.8% to RM10.79 billion compared with RM10.20 billion in the previous year's corresponding period.

Public Bank founder and chairman Tan Sri Dr Teh Hong Piow said the higher profit for the period was largely driven by growth in its loan and deposit business, with further impetus from a 4.9% growth in non-interest income.

“Sustained business strength continued to place the group in a strong competitive position, with its net return on equity standing at 15.0%. Similarly, the group’s cost-to-income ratio of 33.1% and gross impaired loans ratio of 0.5% remained the best in the domestic banking industry,” he said.

The board of directors declared a first interim dividend of 32 sen per share, which will be paid on Sept 19, 2018, resulting in a total dividend payout of RM1.24 billion.

“The Public Bank group will 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,” Teh said.

Source: thesundaily.my

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