KUALA LUMPUR: Public Bank Bhd posted net profit of RM952.69mil in the second quarter ended June 30, 2012, a slight dip of 0.2% compared with RM954.88mil a year ago due to a change in accounting policy a year ago.
It said on Monday its revenue increased by 9.3% to RM3.465bil from RM3.170bil. Earnings per share were 27.20 sen compared with 27.27 sen. It declared a dividend of 20 sen a share, similar to a year aof.
The banking group as a result of the change in accounting policy, the results for Q2 a year ago were restated, with pre-tax profit restated from RM1.16bil to RM1.262bil. Net profit attributable to equity holders was restated from RM880.4mil to RM954.9mil.
In the first half, its earnings rose 2.96% to RM1.893bil from RM1.839bil in the previous corresponding period while its revenue increased by 10.9% to RM6.839bil from RM6.162bil.
Tan Sri Teh Hong Piow
The banking group's founder and chairman,Tan Sri Teh Hong Piow said the group achieved another strong set of results in the first half of 2012 with pre-tax profit of RM2.49bil in the January-June period.
"As a result of the retrospective application of MFRS 139, the Public Bank group's pre-tax profit and net profit for the corresponding first half of 2011 were restated upwards by RM175mil and RM131mil to RM2.43bil and RM1.84bil respectively," he said.
Teh said hence, the group's pre-tax profit and net profit for the first half of 2012 grew by 2.1% and 3.0% respectively as compared to the higher restated pre-tax profit and net profit for the corresponding first half of 2011.
"Excluding the effects of higher restated profits for the last corresponding period, the group's pre-tax profit and net profit for the same period recorded double-digit growth of 10.0% and 10.9% respectively.
"As compared to the first quarter of 2012, the group's net profit attributable to shareholders for the second quarter grew by RM11.9mil or 1.3% to RM953mil," he said.
The banking group's gross loans increased at an annualised rate of 10.8% in the first half of 2012 to reach RM187.3bil as at end-June. Domestic loans grew at a stronger annualised rate of 12.3%.
As for customer deposits, they grew at an annualised rate of 11.3% in the first half of 2012 while domestic customer deposit growth recorded an annualised growth rate of 12.0%.
Monday July 23, 2012
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