KUALA LUMPUR: Public Bank Bhd recorded a slightly higher net profit for the first quarter (Q1) ended March 31, 2019 of RM1.410 billion from RM1.405 billion recorded in the same quarter last year.
Revenue rose to RM5.57 billion from RM5.35 billion previously. In a filing with Bursa Malaysia, Public Bank said the group’s consistent profitability was mainly contributed by its healthy loan and deposit growth, coupled with a sustained strong asset quality.
“Despite the increasingly challenging banking landscape, the group achieved a 4.8 per cent annualised growth in its total domestic loans and 4.9 per cent annualised domestic deposit growth in the first quarter of 2019,” it said.
Public Bank said its total gross loans grew at an annualised rate of 3.9 per cent, while domestic loans grew at a faster pace of an annualised rate of 4.8 per cent.
“The expansion in the loan portfolio was mainly attributed to the healthy growth in its residential properties financing, lending to small and medium enterprises (SMEs) and corporate customers for the purchase of commercial properties and working capital,” it said.
The bank said in tandem with the healthy loan growth, total customer deposits grew at an annualised rate of 4.5 per cent.
Group founder, chairman emeritus, director and adviser Tan Sri Dr Teh Hong Piow said Public Bank was able to sustain its performance despite the operating environment still being clouded by rising headwinds and persistent uncertainties.
“With the stable performance in the first quarter of 2019, the group continued to sustain its leading position as the most cost efficient Malaysian bank with the best asset quality.- Bernama
“This is clearly reflected in the group’s high net return-on-equity of 14 per cent, efficient cost-to-income ratio of 33.8 per cent and lowest gross impaired loan ratio of 0.5 per cent,” he added. – Bernama
