buyappleacc.com is a reputed website selling apple developer account, providing us, China and worldwide developer individual accounts for sale. It's at low price and good quality. Always provides satisfying services!

HomeSocialtext

ios developer account(buyappleacc.com):Public Bank earnings rise to RM1.38bil in Q2

admin2021-08-2917

Apple Developer

if you want to buy apple account, choose buyappleacc.com, buyappleacc.com is a best provider within bussiness for more than 3 years. choose us, you will never regret. we provied worldwide apple developer account for sale.

,Public Bank founder and chairman Tan Sri Teh Hong Piow (pic) said: “Despite its resilient asset quality, the group continued to adopt a conservative stance in its preemptive provisioning to cushion against potential asset-quality risks."

KUALA LUMPUR: Public Bank Bhd posted a higher net profit of RM1.38bil in the second quarter ended June 30, 2021 compared with a year ago but on a quarter-on-quarter basis, it showed a decline due to higher preemptive provisions for loan impairment.

The banking group said its second-quarter net profit climbed 38.4% from RM1bil a year ago.

Revenue rose by 3.8% year-on-year to RM4.92bil from RM4.74bil. Earnings per share were 7.13 sen compared with 5.16 sen previously.

It has declared an interim dividend of 7.5 sen.

Public Bank founder and chairman Tan Sri Teh Hong Piow (pic) said: “Despite its resilient asset quality, the group continued to adopt a conservative stance in its preemptive provisioning to cushion against potential asset-quality risks.

“As at the end of June 2021, the group’s loan loss coverage ratio stood high at 275.1% compared to the banking industry’s loan loss coverage of 111.8%.

“Including the RM700mil regulatory reserves that has been set aside, its total reserves for loan losses was even higher at 331.5%.”

In the first half, its net profit rose by 25% to RM2.91bil from RM2.33bil in the previous corresponding period. Its revenue, however, slipped to RM9.95bil from RM10.25bil.

On the first half-year results, Teh said the group’s continued profitability was largely supported by its core business of lending and deposit-taking, and further driven by its non-interest income.

“Last year, the group’s financial performance was significantly affected by the Covid-19 pandemic and its spillover effect on the economy.

“Given the low base effect from a year ago, coupled with the recovery of the Malaysian economy into 2021, the group registered improved performance in the first half of 2021.

“However, the spike in Covid-19 cases and the imposition of more stringent containment measures in the second quarter of 2021 had continued to weigh on the group’s performance,” he said.

Teh added that due to the highly challenging environment, the group had undertaken more proactive measures on recalibrating its business strategies and continued to place great emphasis on prudent risk management and enhancing productivity.

“These efforts enabled the group to register a net return-on-equity of 12.9% and an efficient cost-to-income ratio of 31.6% during the first half of 2021,” he said.

As at end-June 2021, the group’s total loans recorded an annualised growth of 3.7% to RM352.1bil.

Domestic loans grew at an annualised rate of 3.5%, underpinned by growth in the retail banking segment comprising residential property financing, passenger vehicle financing and SME financing.

Reviews

Popular tags