KUALA LUMPUR (Oct 24): Public Bank Bhd's nine-month net profit is in line with forecast, according to Hong Leong Investment Bank Bhd.

In a note today, Hong Leong said Public Bank's higher net profit of RM3.26 billion in the nine months ended September 30, 2014 was in line with Hong Leong's and consensus estimates.

The figure made up 75.1% of Hong Leong's and consensus full-year forecast, Hong Leong said. "3Q14 earnings were strong and made up for the slightly slow 1H (which only accounted for 47-48% of HLIB (Hong Leong) and consensus forecasts)," Hong Leong said.

Hong Leong has maintained its income forecast for Public Bank and retained the target price (TP) of RM18.32 for the stock. The TP comes with an unchanged "hold" recommendation for Public Bank shares.