Public Bank Bhd (1295), Malaysia's biggest lender by market value, is on track to strong growth this year after earnings expanded 25 per cent in the first nine months, a top official said yesterday.
Managing director Tan Sri Tay Ah Lek also said that the 25 basis points cut in the Overnight Policy Rate (OPR) this week would only have a marginal impact on its net interest margins."Our profit is on track this year. Earnings in the first nine months already grew 25 per cent. It will be around there for the full year. It will be in line with analysts' expectations," he said after an award ceremony in Kuala Lumpur.Its net profit reached RM1.93 billion in the three quarters ended September 30 2008, buoyed by healthy growth in interest income.This brings the earnings per share to 57.4 sen in the nine-month period, from 46 sen last year- NST.
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