Net interest and non-interest income both increased, with China Bank earning over 1.9 billion in Q3.
Volkswagen Bank $PBBANK (1295.MY)$Driven by the simultaneous increase in net interest income and non-interest income, the net profit for the third quarter of the fiscal year 2024 (ending at the end of September) reached 1.9 billion 12.54 million ringgit, a 12.41% year-on-year expansion.
Meanwhile, China Bank's third-quarter revenue increased by 5.07% year-on-year to 6.8 billion and 9.01 million ringgit.
In the first 9 months of the current fiscal year, Public Bank recorded a net profit of 5.3 billion 47.55 million ringgit, a 6.23% year-on-year increase, while revenue increased by 7.56% year-on-year to 20.2 billion 94.21 million ringgit.
In the third quarter, Public Bank's net interest income was 2.4 billion 6.32 million ringgit, a 5.29% year-on-year increase, while non-interest net fees and commission income also increased by 14.06% year-on-year to 0.5 billion 72.62 million ringgit.
Public Bank's Director and Chief Executive Officer, Tan Sri Tay Ah Lek, stated in a press release that the bank has achieved commendable performance in the first 9 months of this year, with the main drivers coming from stable loan and deposit growth, and the stabilization of Net Interest Margin (NIM).
"The increase in non-interest income, coupled with lower credit costs, further propelled our performance."
Loans increased by 5.2% in the first 8 months.
In the first 8 months, Public Bank's overall loans expanded by 5.2% to 414.5 billion ringgit, with domestic market loans rising by 6.2% to 390.1 billion ringgit, surpassing the country's banking industry's average growth rate of 4.5%.
Volkswagen Bank pointed out, ...

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