Public Bank posts record Q1 net profit of RM1.5bil

Public Bank founder and chairman emeritus Tan Sri Teh Hong Piow highlighted that the banking group’s first-quarter performance was driven by the continued expansion in loans and deposits businesses, and further boosted by fee-based revenue growth.

PETALING JAYA: Despite a revenue-drop of nearly RM500mil, Public Bank Bhd saw a 15% jump in net profit to a record RM1.53bil on a year-on-year (y-o-y) basis in the first quarter ended March 31.

The stronger bottom line was due to higher net interest income in the quarter, improved net income from its Islamic banking business and a higher fee and commission income.