PBBANK 31/3/25 Results Update (MIB)
Share Price: RM4.43 | Target Price: RM5.50 | Rating: BUY
Amid expectations of slower economic growth, Maybank Investment Bank (MIB) has trimmed its FY25/26 net profit forecasts slightly and lowered its TP for PBBANK from RM5.30 to RM5.05 while opining that Public Bank continues to offer exposure to a well-managed bank, with still sizeable management overlays of MYR1.21b to buffer against any deterioration in asset quality. Public Bank’s first quarter net profit of MYR1.75b (+5.6% YoY, -3.0% QoQ) was below MIB’s expectations at 23% due to lower-than-expected NOII.
Amid expectations of slower economic growth, Maybank Investment Bank (MIB) has trimmed its FY25/26 net profit forecasts slightly and lowered its TP for PBBANK from RM5.30 to RM5.05 while opining that Public Bank continues to offer exposure to a well-managed bank, with still sizeable management overlays of MYR1.21b to buffer against any deterioration in asset quality. Public Bank’s first quarter net profit of MYR1.75b (+5.6% YoY, -3.0% QoQ) was below MIB’s expectations at 23% due to lower-than-expected NOII.
PBBANK 1Q25 Results Update 22/5/25
Research House: Maybank Investment Bank (MIB)
Analyst: Desmond Ch’ng
Key Forecasts:
FY2025: Net Profit: RM7,266m | EPS: RM0.37 | DPS: RM0.22
FY2026: Net Profit: RM7,650m | EPS: RM0.39 | DPS: RM0.24
For FY25 and FY26, forecast EPS trimmed by 2 sen, while forecast DPS trimmed by 1 sen. Target Price lowered from RM5.30 to RM5.05.