Public Bank's pre-tax profit up 23%

The Public Bank Group recorded a pre-tax profit of US$1.34 billion for 2010. The figure represents a 23 per cent growth from 2009.

The Group also recorded a net profit of US$999 million in 2010, 21 per cent higher as compared to US$825 million achieved in 2009.

The Public Bank Group’s improved financial performance in 2010 was mainly driven by the strong growth in net interest and finance income and higher non-interest income, coupled with lower loan impairment allowances. Supported by strong organic growth in loans and core customer deposits, the Group’s net interest and finance income increased by US$209 million or 14 per cent in 2010 as compared to 2009.

Non-interest income of the Public Bank Group which recorded a commendable growth of 19 per cent as compared to 2009, was supported by higher fee income generated by the Group’s unit trust and foreign exchange businesses.