Public Bank Bhd has surpassed the RM1 billion mark for the first time by recording a pre-tax profit of RM1.05 billion in the third quarter ended September 30, 2010, from RM856.51 million a year ago.

'This represents a strong growth of seven per cent as compared to the pre-tax profit of RM982 million in the second quarter of 2010,' its chairman Tan Sri Dr Teh Hong Piow said in a statement today.

The bank's net profit grew 22.4 per cent to RM782.70 million in the third quarter from RM639.04 million a year ago.

It did not declare any dividends for the quarter.

Its revenue was RM2.877 billion versus RM2.438 billion a year ago. Earnings per share was 22.35 sen versus 18.52 sen previously.

For the nine-months ended Sept 30, it recorded a pre-tax profit of RM2.96 billion, an increase of 22 per cent from RM2.42 billion of the previous corresponding period.

Over the same period, the group recorded a net profit of RM2.20 billion, 20 per cent higher as compared to the RM1.84 billion, achieved in the corresponding period of 2009.

For the first nine months of the year, the group's overseas operations recorded a 14 per cent improvement in earnings, due mainly to the decline in loan impairment allowances.

Teh said the group's expansion plan for overseas operations remains focused on Hong Kong and Cambodia. It currently has a network of 81 branches in Hong Kong and three branches in Shenzhen in China.

Two new branches will be opened in Hong Kong with another in Cambodia in the fourth quarter of this year.

Cambodian Public Bank plc, a wholly-owned subsidiary of Public Bank, is the largest bank in Cambodia by balance sheet size and has at present 20 branches.

On its business prospects, Teh said Public Bank continues to operate in a healthy domestic operating environment due to favourable employment conditions, sustained consumer and business sentiments, as well as the accommodative policy environment promoted by Bank Negara Malaysia.

Leveraging on the strong Public Bank brand, he said the group will continue to pursue strong organic growth strategies in its leading and deposit-taking businesses, accelerate its fee-based revenue and enhance return on equity. -- Bernama