Thursday, August 16, 2007

Public Bank not exposed to US subprime mortgage market

KUALA LUMPUR: THE Public Bank group has no exposure to the US subprime mortgage market and expects this year to be another year of strong performance, said chairman Tan Sri Teh Hong Piow.
"The Public Bank group's overall operations, including its Labuan Offshore Bank and overseas operations in Hong Kong and China, Indochina and Sri Lanka have absolutely no exposure to the US subprime mortgage market segment whether directly or indirectly in its investment portfolio," he said in a statement.
The unit trust funds managed by Public Mutual also do not have any direct or indirect investment in the US subprime mortgage market.
Teh expects the group's loans growth to be sustained at the annualised rate of 17% as achieved in the first half of the year.
"The group's customer deposits continue to grow strongly. Asset quality is expected to remain strong.
"Currently, the group's net non-performing loan ratio is only 1.5% – the lowest in the banking industry in Malaysia.
"With its healthy loan to deposit ratio of 75%, the group is very liquid," he said.

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