via CAAI
Tuesday, 19 October 2010 15:01 Jeremy Mullins
THE parent company of Campu Bank said yesterday its overseas expansion plans were focused on Cambodia and Hong Kong, after recording a 22 percent rise in global profit for the third quarter.
Malaysia-based Public Bank Group’s net profit in the third quarter reached 782.7 million ringgit (US$253 million), a marked increase on the 639 million ringgit recorded in the same period of last year, according to a stock exchange filing yesterday.
Its nine-month profit to September 30 totalled 2.2 billion ringgit (US$710.1 million), 20 percent up from 1.84 billion ringgit a year ago.
The bank attributed improved performance mainly to a 13.7 percent annualised growth in its loan book “in tandem with the improved economic conditions in the country”, the chairman Tan Sri Dr Teh Hong Piow said in a statement.
Loans for the last nine months were 151.73 million ringgit, already eclipsing the 2009 total of 137.6 million ringgit, of which Campu Bank’s contribution was 1.73 million ringgit.
A previous corresponding figure was not provided, but its 12-month total last year was 2.08 million ringgit.
The chairman said that “expansion plans in overseas operations remains focused on Hong Kong and Cambodian operations”, after noting a 14 percent increase in earnings contribution from its offshore businesses. Public Bank also has operations in China, Vietnam, Laos and Sri Lanka. It is set to open its 21st Campu Bank branch by the end of the year, Teh said, while adding two more Hong Kong branches in addition to the 81 now open.
Campu Bank chief Phan Ying Tong declined to comment yesterday, stating that he was not authorised to talk to media.
Last month, the bank cut its loan rate to 6 percent for new customers, sparking concerns of a pricing war among lenders in the Kingdom.
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