Revenue rose to RM5.57 billion from RM5.35 billion previously.

In a filing with Bursa Malaysia, Public Bank said the group’s profitability was mainly contributed by its healthy loan and deposit growth, coupled with sustained strong asset quality.

“Despite the increasingly challenging banking landscape, the group achieved a 4.8% annualised growth in its total domestic loans and 4.9% annualised domestic deposit growth in the first quarter of 2019,” it said.

Public Bank said its total gross loans grew at an annualised rate of 3.9%, while domestic loans grew at a faster pace of an annualised rate of 4.8%.

“The expansion in the loan portfolio was mainly attributed to the healthy growth in its residential properties financing, lending to small and medium enterprises (SMEs) and corporate customers for the purchase of commercial properties and working capital,” it said.

The bank said in tandem with the healthy loan growth, total customer deposits grew at an annualised rate of 4.5%.

Group founder Teh Hong Piow said Public Bank was able to sustain its performance despite the operating environment still being clouded by rising headwinds and persistent uncertainties.

“With the stable performance in the first quarter of 2019, the group continued to sustain its leading position as the most cost-efficient Malaysian bank with the best asset quality.

“This is clearly reflected in the group’s high net return-on-equity of 14%, an efficient cost-to-income ratio of 33.8% and lowest gross impaired loan ratio of 0.5%,” he added.

As at end-March 2019, Public Bank’s common equity Tier 1 capital ratio, Tier 1 capital ratio and total capital ratio stood at 12.9%, 13.4% and 16% respectively.