Fitch affirms Public Bank

Fitch Ratings said it affirmed Public Bank Bhd.'s individual rating at B/C and support at 2.

The ratings reflect its strong asset quality, above-average profitability, adequate but reduced capitalization, Fitch said, as well as its systemic importance as the country's third-largest banking group.

Profitability continued to surpass that of its peers, primarily driven by strong loan growth, higher non-interest income, robust loan quality and improved cost efficiency, the agency said.

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