20 Jan 20, 2010
KUALA LUMPUR— The Public Bank group is targeting its overseas operations to make up a larger chunk of its profit within the next three to five years.
It said today that it aims to grow foreign contributions to group pre-tax profit from 7.2 per cent currently to 15 per cent in the “medium term”, which it defined as three to five years.
Public Bank currently operates in Hong Kong, China, Cambodia, Laos and Vietnam.
In line with the growing importance of foreign operations, Public Bank will be expanding its branch network —two more in Hong Kong from the 72 it currently has, five more in Cambodia to the existing 15, two more in Vietnam from the existing seven and one more each in Shenzhen and Laos where it currently has three.
Managing director Tan Sri Tay Ah Lek said the growth would be organic and that the bank has no immediate plan to make any foreign or domestic acquisitions.
“Organic growth is our forte,” said Tay.
Public Bank announced today that it made a profit before tax of RM3.32 billion last year, up 4.5 per cent from 2008.
Customer deposits at Public Financial Holdings Group in Hong Kong and Cambodian Public Bank grew by 17.2 and 64.3 per cent respectively.
Cambodian Public Bank is now the largest bank by balance sheet size in Cambodia.
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