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KUALA LUMPUR, May 26 — Public Bank Bhd’s share price went up in the early session today as the bank reported better results for the first quarter ended March 31, 2023 (1Q FY2023).

At 10.28am, the counter rose 2.0 sen to RM3.91, with 5.61 million shares traded.

According to a filing with Bursa Malaysia yesterday, the bank’s net profit rose to RM1.71 billion in 1Q23 from RM1.40 billion in the same period last year in the absence of prosperity tax.

Revenue jumped to RM6.12 billion from RM4.89 billion previously.

Public Bank said among other things, the better performance in 1Q23 was also driven by net interest income and income from its Islamic banking business which increased to RM149.9 million, attributed to the positive effect of the overnight policy rate hikes and loans growth achieved over the last 12 months.

Meanwhile, Hong Leong Investment Bank said Public Bank’s 1Q23 net profit was in line with its estimates, accounting for 25-26 per cent of consensus full-year forecasts.

“Overall, results were in line and hence, FY23-24 forecasts were unchanged.

“Separately, we introduce FY25 projections. We still like Public for its defensive qualities, which typically shine during times of uncertainties,” it said. — Bernama