Public Bank’s profit up despite headwinds

Teh: ‘The results are testament to the strength of our business model and reflect the group’s continued focus on executing our organic growth strategy.’

KUALA LUMPUR: Public Bank Bhd, the country’s third largest bank by assets, saw its earnings rose 4.9% to RM1.229bil in the first quarter ended March 31, 2016 from RM1.171bil a year ago, due to continued growth in retail earnings against a backdrop of economic headwinds.

In a statement yesterday, the bank said its pre-tax profit increased 10.9% to RM1.651bil from RM1.488bil. Revenue increased 9.5% to RM5bil from RM4.6bil. Earnings per share were 31.85 sen compared with 30.34 sen a year ago.