Public Bank Q2 pre-tax profit higher at RM347m


  • Business
  • Tuesday, 12 Aug 2003

BY JAGDEV SINGH SIDHU

Public Bank Bhd has posted a pre-tax profit of RM346.7mil for the second quarter ended June 30, compared with RM307.4mil in the corresponding period last year. 

Revenue rose to RM1.08bil from RM1.01bil and net profit increased to RM224.5mil, or 4.77 sen per share, from RM189.1mil, or 4.12 sen per share, a year ago. 

For the six months to June, pre-tax profit rose to RM682.9mil from RM637.7mil in the corresponding period last year. Revenue increased to RM2.12bil from RM1.96bil while net profit rose to RM426.8mil, or 9.14 sen per share, from RM378.2mil, or 8.25 sen per share. 

Public Bank did not declare an interim dividend for the second quarter. 

Public Bank chairman Tan Sri Teh Hong Piow said in a statement the group's strong performance was mainly due to higher net interest income and earnings from Islamic banking operations.  

The banking group's loans grew 8% during the first six months, and lending to SMEs, housing loans and car loans accounted for 81% of new loans approved during the period. 

Pre-tax profit of the group's commercial bank rose 18% from a year ago. Public Finance pre-tax profit rose 4% and that of Public Mutual 14%. Offshore operations in Labuan posted a 31% growth in pre-tax profit, and Public Merchant Bank's pre-tax profit rose 34%. 

Net non-performing loans fell to 2.2% during the period. 

Teh said he expected competition to intensify, but noted that current positive economic indicators suggested more business growth for the banking industry in the second half of 2003. 

Barring unforeseen circumstances, the group expected to record a satisfactory performance for this year, he added. 

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