KUALA LUMPUR, May 21 ― Public Bank Bhd's share price eased 0.23 per cent in the morning session today after recording earnings growth moderation for the first quarter ended March 31, 2024 (1Q 2024).

At 10.27am, the company’s shares decreased two sen to RM4.18 per unit, with 3.70 million shares traded.

The bank's net profit fell by 3.5 per cent to RM1.65 billion in 1Q 2024 from RM1.72 billion a year ago, while its revenue jumped to RM6.79 billion from RM6.12 billion previously.

Despite earnings growth moderation, RHB Investment Bank Bhd continued to like Public Bank, given its quality name and as a good proxy for domestic activities.

"Also, we see the stock as a laggard play and should benefit from rotational plays seeking out laggard stocks for upside,” it said.

Therefore, the research house has maintained a "Buy” call with a target price of RM4.80 with an unchanged environmental, social, and governance premium of two per cent.

Meanwhile, MIDF Research has upgraded its "Buy” call with a revised target price of RM4.78. ― Bernama