Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 26): Public Bank Bhd reported a 13% rise in third quarter net profit at RM1.4 billion versus RM1.24 billion a year earlier as interest, fee and commission-based income increased.

In a statement to Bursa Malaysia today, Public Bank said revenue rose to RM5.31 billion in the third quarter ended Sept 30, 2017 (3QFY17) from RM5.03 billion.

"For the 3rd quarter ended Sept 30, 2017, the group registered a pre-tax profit of RM1.79 billion, an improvement of RM234.7 million or 15.1% as compared to the previous year corresponding quarter. The improved pre-tax profit was mainly due to higher net interest income, higher net fee and commission income, higher investment income and higher foreign exchange income, which were partially offset by higher other operating expenses.

"The group is expected to maintain its leading market position in the domestic retail segment, driven by continued growth in loans for home mortgages and the small and medium enterprises (SME). The group will sustain financing growth in the residential property segment, focusing on the mass market and home mortgages for owner occupation as well as hire purchase," Public Bank said.

Public Bank said 9MFY17 net profit rose to RM3.98 billion from RM3.72 billion a year earlier. Revenue was higher at RM15.51 billion compared to RM15.02 billion.

At 12:30pm today, Public Bank shares settled unchanged at RM20.46. The stock saw some five million shares transacted.

 

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