Tuesday, October 19

Public Bank achieves pre-tax profit of RM3.37 billion for 1H17

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KUCHING: 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 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.