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Public Bank posts 4.5% YOY decline in Q2 profit, raises interim dividend

Malaysia's Public Bank Bhd. posted a 4.5% year-over-year decline in profit for the second quarter ended June 30, as allowance for impairments rose.

The group on Aug. 14 reported a second-quarter profit attributable to equity holders of 1.33 billion ringgit, down from 1.40 billion ringgit in the prior-year quarter. EPS fell to 34.3 sen per share from 36.1 sen per share.

Net interest income for the quarter declined to 1.85 billion ringgit from 1.88 billion ringgit, while net income from Islamic banking business climbed to 268.5 million ringgit from 262.6 million ringgit. Net fee and commission income increased to 460.7 million ringgit from 443.9 million ringgit.

Operating revenue rose to 5.60 billion ringgit from 5.44 billion ringgit. Operating profit grew to 1.80 billion ringgit from 1.78 billion ringgit.

Allowance for impairment on loans, advances and financing for the quarter came to 65.3 million ringgit, up from 17.5 million ringgit in the prior-year period.

Before deducting interim dividends, the group's total capital ratio stood at 16.456% as of June 30, down from 16.840% at Dec. 31, 2018. Over the same period, the group's Tier 1 ratio fell to 14.030% from 14.270%, while its common equity Tier 1 ratio inched up to 13.649% from 13.628%.

After deducting interim dividends, the group's total capital ratio clocked in at 15.992% as of June 30, down from 16.304% at Dec. 31, 2018. Over the same period, the group's Tier 1 ratio fell to 13.565% from 13.734%, while its common equity Tier 1 ratio rose to 13.184% from 13.092%.

The bank's board declared an interim dividend of 33 sen per share for the year, up from the prior year's dividend of 32 sen per share. The interim dividend will be paid on Sept. 10.

As of Aug. 13, US$1 was equivalent to 4.19 Malaysian ringgit.