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2009-07-20

Public Bank 2Q2009 Hits Net Profit At RM610m

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Public Bank posted net profit of RM610.74 million for the second quarter ended June 30, 2009, up from the RM593.535 million a year ago. It declared an interim dividend of 30% per share totaling RM777 million.

Announcing the improved set of results on July 20, it said that revenue eased to RM2.35 billion from RM2.515 billion. Earnings per share were 17.7 sen versus 17.69 sen.

For the first half, net profit was RM1.2 billion versus RM1.31 billion. Revenue was RM4.78 billion compared with RM5.15 billion.

Public Bank chairman Tan Sri Dr Teh Hong Piow said net profit of RM1.2 billion in the first half of 2009 as compared to RM1.3 billion a year ago had then included a one-off goodwill payment of RM200 million from ING Asia/Pacific Ltd (ING) in January 2008 in respect of the group’s regional bancassurance distribution alliance with ING.

“Excluding the non-recurring one-off goodwill payment, the group’s underlying operating net profit improved by 3% over the same period in 2008 despite the more challenging operating environment and the negative impact on net interest margin arising from the Overnight Policy Rate (OPR) reductions between November 2008 and February 2009 totalling 1.50%,” he said.

3 comments:

Elvis2020 July 20, 2009 at 3:36 PM  

Actually all bank counters are providing a good return this time round. I cant believe i didnt buy Maybank which was below 4.00 on March. AMMB, Commerze etc have given a good return since March. Well, for novince investors buying banking stocks are good where to start investing, banking stock are the first to move in any bull markets but also the fastest counters to hit bottom prices. Okay, i am still sideline at the moment but i shall start buying when i hear any more bad news. I think it is safe to say markets can take the very worse news. Cant be worse that September 2008 i think. But then again....we never know...just maybe we see dollar becoming redundant currency...habis, this one going to be a hell of a ride for all investors around the world...

Elvis2020 July 20, 2009 at 3:41 PM  

In case you wondering why market move so fast last week, well, US bond salesman Timothy when to Arab States selling US bonds. Now, we know US is in deepshit over their debts, now this US treasury going all over China, Arab States begging for them to buy US bonds. Dont be fooled by this sudden markets rally. China leaders are not stupid, they are very afraid of the worse case scenario(US cant pay back their debts), US currency goes valueless and much more...

Durian Edge July 20, 2009 at 4:55 PM  

After this crisis the game play will be change, US may not be world number one already. So investment strategy also will be not the same.

To continues making profit in share market I think new strategy or view is needed.

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