Tuesday, January 25, 2011

Public Bank Q4 profit jumps to RM846m

PUBLIC Bank Bhd said its fourth quarter net profit jumped by a quarter from a year ago to RM846 million as it made more money from loans and set aside less money to cover potential bad loans.

This brings net profit to RM3.05 billion for the full year to December 31 2010, 21 per cent better than what it made in 2009. Revenue was up by 14 per cent in the quarter under review to RM11 billion.

"The Public Bank Group’s improved financial per formance in 2010 was mainly driven by the strong growth in net interest and finance income and higher non-interest income, coupled with lower loan impairment allowances," Chairman Tan Sri Teh Hong Piow said in a press release.

The bank has also declared a second interim cash dividend of 25 sen less tax and a single tier dividend of 8 sen.

With the first gross interim dividend of 25 sen paid in August 2010, the total gross dividend for 2010 is 58 sen. The total net dividend paid and payable for 2010 amounts to RM1.59 billion or 52 per cent of the group's net profit for the year.- by Adeline Paul Raj, btimes.com.my

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