Public Bank Q1 pre-tax profit up 6.2%

Public Bank's first quarter pre-tax profit increased by 6.2 percent to RM1.245 billion from RM1.173 billion from the previous quarter.

Revenue increased to RM3.373 billion from RM2.991 billion, it said in a filing to Bursa Malaysia.

Public Bank said the improved earnings were mainly due to higher net interest and finance income and net fee and commission income of RM77.2 million and RM13.7 million respectively.

In a statement, chairman Tan Sri Teh Hong Piow said the bank continued to sustain its market leadership position in domestic lending for residential mortgages, commercial property financing and passenger vehicles financing with market shares of 18.2 per cent, 33.2 per cent and 26 per cent respectively.

"The group's financing in residential and commercial properties grew by an annualised rate of 13.7 per cent and 21.5 per cent respectively during the quarter, compared to the industry's annualised growth of 11.8 per cent and 16 per cent respectively in the first two months of the year," he said.

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