KUALA LUMPUR: Public Bank Bhd’s share price was up in early trade today after the bank recorded a better financial performance for the second quarter ended June 30, 2023 (2Q FY2023).
At 11.05 am, the company’s shares rose nine sen or 2.17 per cent to RM4.23 per unit, with 12.56 million shares traded.
According to a filing with Bursa Malaysia yesterday, Public Bank posted a higher net profit of RM1.62 billion in 2Q FY2023 compared with RM1.42 billion in 2Q FY2022, similarly, revenue jumped to RM6.26 billion from RM4.97 billion previously.
For the first half ended June 30, 2023 (1H FY2023), the bank’s net profit rose to RM3.33 billion from RM2.82 billion in 1H FY2022, while revenue improved to RM12.39 billion from RM9.86 billion previously.
The bank said its performance in 1H FY2023 was mainly driven by continued healthy loans and deposit growth, prudent cost management as well as stable asset quality.
In a note today, Kenanga Investment Bank said Public Bank’s 1H FY2023 net profit and interim dividend declared were within expectations.
It said that safe for certain individual accounts, Public Bank’s asset quality management continued to appear stellar, while it continues to stand favourably in the mortgage space with a growing inclination on affordable housing despite relatively higher interest rates.
“We maintained our ‘outperform’ call with a target price of of RM4.40. Public Bank is also one of our third-quarter of 2023 top picks,” it added. – BERNAMA
