PUBLIC BANK ... May 2009

NET PROFIT FOR 1QE MAR 2009 FALLS 18%

PUBLIC BANK's Net Profit for 1QE Mar 31, 2009 was RM589.2m compared with RM717.3m a year ago which had then included Goodwill Payment of RM200m.

PUBLIC BANK Group Chairman - DR TEH HONG PIOW said on Apr 14, 2009 that the one-time Goodwill payment was for PUBLIC BANK's bancassurance distribution alliance with ING Asia/Pacific ltd.

" .... Excluding the one-time Goodwill payment in the previous corresponding quarter, the Group's underlying Operating Net Profit improved by 3% over the same period in 2008 ,,,," he said.

ANNUALISED ROE OF 25.5%
He said taht the Group's results translated into an Annualised Net ROE of 25.5% and EPS of 17.4 sen for 1QE Mar 2009.

TEH said that the better earnings were despite the squeeze in Net Interest Margin arising from the three consecutive reductions in Overnight Policy Rate between Nov 2008 and Feb 2009.

" .... Loan growth remained strong at 4% in the first quarter of 2009, whilst the Group's strong asset quality was sustained and Net NPL Ratio continued to be capped at below 1% ...." he added.