In view of the increasing concern around the world arising from issues related to the US residential mortgage market, Public Bank is pleased to inform that it has absolutely no exposure to the US subprime mortgage market directly or indirectly.
"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," Tan Sri Dato' Sri Dr. Teh Hong Piow, Chairman of the Public Bank Group said today.
In addition, the unit trust funds managed by Public Mutual do not have any direct or indirect investment in the US subprime mortgage market.
Tan Sri Teh added that the Public Bank Group expects another year of strong performance this year. "This year, we expect the Group's loan growth to be sustained at the strong pace of the annualised rate of 17% as achieved in the first half of 2007. The Group's customer deposits continue to grow strongly. The Group's 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."
Tan Sri Teh also said that the banking system in Malaysia is very liquid, strong and well capitalized. The interbank money market remains stable due to ample liquidity. "The Governor of Bank Negara Malaysia has already said that there is sufficient liquidity in the banking system," Tan Sri Teh added.
Tan Sri Dato' Sri Dr. Teh Hong Piow
Chairman of the Public Bank Group
No comments:
Post a Comment