KUALA LUMPUR (April 29): Public Bank Bhd reported today a 0.36% increase in net profit at RM1.41 billion for the first quarter ended March 31, 2019 (1QFY19) from RM1.405 billion a year earlier mainly on lower loan impairment allowance and higher investment income.

In a Bursa Malaysia filing today,  Public Bank said 1QFY19 revenue increased to RM5.57 billion from RM5.35 billion.

"Net profit attributable to equity holders improved marginally by RM4.7 million or (about) 0.3% to RM1,410.1 million. The higher earnings was mainly due to lower loan impairment allowance of RM71.7 million and higher investment income of RM38.1 million (192.3%). 

"These were partially offset by lower net fee and commission income of RM37.0 million (-8.1%) which were mainly due to lower unit trust management related fee income, lower foreign exchange income of RM33.8 million (-35.5%) and higher operating overheads of RM25.6 million (2.8%)," Public Bank said.

On prospects, Public Bank said ongoing demand for financing in residential properties, passenger vehicles as well as lending to small and medium enterprises (SMEs) will continue to support the bank's growth.

"The group is well-positioned to capitalise on opportunities in the residential property financing segment given its focus on home mortgages for own occupation and the broader mass market. The group will continue to pursue growth opportunities by developing proactive marketing strategies backed by competitive pricing and product packages. The group will also be supportive of the government’s efforts in promoting affordable housing," Public Bank said.