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KUALA LUMPUR (14 August): Public Bank Bhd's net profit for the second quarter ended June 30, 2019 (2QFY19) decreased by 4.5 percent to RM 1.33 billion, compared with 1.4 billion a year ago , because of the negative effect of 0.25 billion euros. % discount rate on night financing (OPR) in May 2019, compared to an increase in the OPR in January 2018.
Earnings per share fell to 34.34 sen, against 36.13 sen previously. The group declared a first interim dividend of 33 Sen by share, with an EX date on August 28, payable on September 10 of this year.
In its paper filed today with Bursa Malaysia, Public Bank revealed that net interest income for the second quarter of fiscal year 1999 fell 1.5% from a year ago. year on the other to establish at 1.85 billion RM, against 1.8.8 billion RM.
Public Bank said gross loans increased by 13 billion RMB, or 4.2 percent, to RMB 323.7 billion in 2QT19, compared to RMB 310.7 billion in 2QFY18, mainly due to the growth in real estate finance and corporate loans.
Total customer deposits increased by 5.8%, or RM 19.2 billion, to RM 349.1 billion over the same period.
Public Bank stated that its gross impaired loan ratio continued to remain stable at 0.5% as of June 30, 2019.
For the first six months of the year (1S19), the net profit of the group decreased by 2.1% to 2.74 billion RM, against 2.8 billion RM for the 1SH18, while the net income from interest also decreased by 1.23%, from RM3 to $ 3.73 billion. 78 billion over the same period.
In the future, Public Bank has stated that it will continue to be supported by continued demand for financing for residential properties and passenger vehicles, as well as for small and medium business loans. (SMEs).
The group said it would capitalize on its efficient customer service and extensive network to maintain its leading position in the domestic distribution and SME market, while focusing on maintaining its excellence. and its operational efficiency.
Public Bank said it is well positioned to take advantage of the opportunities in the residential real estate finance segment, given its interest in home mortgages and its larger mass market.
The group is committed to continuing to pursue growth opportunities by developing proactive marketing strategies based on competitive pricing and competitive product offerings. It will also support the government's efforts to promote affordable housing and homeownership.
"Public Bank Group is committed to improving access to finance for all SMEs by offering innovative products and services that meet the needs of businesses.
"In addition to maintaining its leadership position in the SME finance market, the group will continue to develop its corporate lending business by targeting existing customers with a good reputation and credit ratings, as well as that by diversifying its loan portfolio into other viable business sectors, "said the group.
With respect to mutual funds, Public Bank announced that it would continue to focus on offering a wide range of investment products and improve its services to meet diverse needs. investors.
At the same time, the group also announced that it would continue to proactively collaborate with AIA Bhd in order to increase penetration of the bancassurance sector and improve the bancassurance product line so to meet the needs of its customers.
Faced with the challenges of the macroeconomic environment and market uncertainties, Public Bank has stated that its treasury operations will remain vigilant while exercising caution in executing its growth strategy.
Building on its strong public banking brand and prudent management practices, the group said it remained committed to organic growth and strengthened its regional presence.
"To ensure long-term sustainability, Public Bank Group will continue to improve its delivery standards and infrastructure, particularly in technology, to provide simpler and more transparent banking across multiple channels and touch points.
"The group will rely more on digital technology and innovation to deliver world-class customer service," he said.
In a separate statement released today, chairman and advisor Emeritus of the public bank Tan Sri Teh Hong Piow said that the moderate growth of the domestic banking sector and the continued compression of the interest margin, maintaining profitability and the preservation of the quality of assets the durability of companies.
The cost / income ratio of the Public Bank was 34.2% in 2QAQ19, compared with 44.6% on average in the industry.
"Economic and banking conditions were becoming increasingly difficult and, as a result of the reduction of the PRO in May 2019, domestic banks faced a decline in net interest margins, which affected the profit of 1HFY19.
"Effective management of Public Bank Group's cost control mitigated the effects of pressure on interest margins." The group's long-term management of prudent cost management will continue also to build up its competitive edge when the cost pressure is expected to persist, "he said.
Teh said the group will continue to focus on developing its retail banking business, focusing on growing opportunities in Indochina.
"In addition to Cambodia, the group is actively expanding its branch network in Vietnam, and in the last two years the group has opened 11 new branches in Vietnam, and plans to further expand its presence in the country to 40 branches. in the coming months, three years, "he said.
The Public Bank's share price rose six sen, or 0.29%, to reach 20.80 at RMN today, giving it a market capitalization of 80.75 billion euros. MR.
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