Malaysia Public Bank profit up 4.8% to $341.84m in Q2

Its Islamic banking unit performed strongly.

Malaysia’s Public Bank continued its positive earnings momentum after profits rose 4.8% YoY to $341.84m (RM1.4b) in Q2, reports The Star.

Strong net interest income and improvements in its Islamic banking business boosted Public Bank’s quarterly earnings.

Also read: Is Islamic financing the future of Malaysian banks?

Revenue also rose 5.2% YoY to $1.33b (RM5.44b) over the same period. Loan growth also edged up by 4.3% to $70.39b (RM288.3b) on the back of strong mortgage and commercial lending.

“The group was able to sustain good business momentum in the first half of 2018. The higher profit for the period was largely driven by growth in its loan and deposit business, with further impetus from a 4.9% growth in non-interest income,” Public Bank founder and chairman Tan Sri Teh Hong Piow said in a statement.

The bank’s gross impaired loans ratio which clocked in at 0.5% remained the best when compared to the Malaysian banking industry’s gross impaired loans ratio of 1.6%, added Teh.

The bank declared an interim dividend of 32 sen per share.

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