Public Bank recorded RM828 million in net profit for the first quarter against RM685 million during the same period last year.
Kuala Lumpur: Public Bank Bhd (
1295), the country's third largest lender, saw its first-quarter net profit rise by 21 per cent and hopes to continue its "satisfactory" performance for the rest of 2011.
Despite a slowdown in global economy, Public Bank said, the domestic operating environment remained buoyant, due to sustainable domestic demand, with the expectation of between 5 and 6 per cent growth in the economy this year.
Public Bank recorded RM828 million in net profit for the first quarter against RM685 million during the same period last year.
Chairman Tan Sri Teh Hong Piow said the banking group's lending activities remained focused on the retail sector, which accounted for 85 per cent of the group's total loan portfolio.
"This comprises loans to mid-market commercial enterprises as well as loans for the financing of residential properties and the purchase of passenger vehicles," Teh said in a statement yesterday.
On its overseas expansion, he said the group will remain focused on its Hong Kong and Cambodian operations, with plans to open three new branches in Hong Kong and six new branches in Cambodia by the end of this year.
Public Bank's domestic loan base grew by 3.6 per cent during the quarter compared to the domestic banking industry's loan growth of 1.7 per cent in the first two months of 2011.
Its domestic market share of loans and advances stood at 16.2 per cent as at end of February this year.
Public Bank attributed its strong growth in net interest and finance income, which grew 10 per cent during the quarter, on the back of strong organic growth and core customers deposits.
For the first quarter of 2011, Public Bank's domestic retail loan approvals increased by 10 per cent, with housing loan approvals growing at a higher 17 per cent.
The bank approved a total of RM3 billion of loans to domestic small and medium enterprises, 11 per cent higher than the corresponding quarter in 2010.
Public Mutual Bhd, the group's wholly-owned unit trust fund management subsidiary, continued to be the clear market leader in the private unit trust industry, with an overall market share of 45 per cent.
As at end-March 2011, Public Mutual's net assets under management stood at RM42.4 billion, or 16 per cent higher, compared with RM36.6 billion a year ago.
Yesterday, Public Bank's share price closed 2 sen higher to RM13.06. -
By Zurinna Raja Adam of btimes.com.my
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