Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Research House: OSK
Company Name: PUBLIC BANK BHD
Research House: OSK
Public Bank Bhd's annualised growth momentum remains largely on track to meet its 14-15 per cent loans growth target for the financial year ending Dec 31, 2011.
OSK Research said the group's provisions also remain well capped as asset quality continues to improve.
Supporting the outlook is the group's mortgage application trend, which remains steady and has showed no sign of decline, unlike the industry's.
It said the industry's mortgage application trend has been on a decline over the past three months, since the 70 per cent loan to value ratio (LTV) cap on third property financing was imposed.
"In fact, management has indicated that the group's latest mortgage application trend for March was surprisingly strong, while that from November 2010 to January 2011 was stable despite a three per cent to 10 per cent month on month dip in the industry trend," said OSK in its research note.
Hence, it expect little surprise from Public Bank, which is expected to release its first quarter financial results later today. - Bernama
OSK Research said the group's provisions also remain well capped as asset quality continues to improve.
Supporting the outlook is the group's mortgage application trend, which remains steady and has showed no sign of decline, unlike the industry's.
It said the industry's mortgage application trend has been on a decline over the past three months, since the 70 per cent loan to value ratio (LTV) cap on third property financing was imposed.
"In fact, management has indicated that the group's latest mortgage application trend for March was surprisingly strong, while that from November 2010 to January 2011 was stable despite a three per cent to 10 per cent month on month dip in the industry trend," said OSK in its research note.
Hence, it expect little surprise from Public Bank, which is expected to release its first quarter financial results later today. - Bernama
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