Public Bank profit rises to RM5.47b

KUALA LUMPUR: Public Bank Bhd’s net profit rose 5.1 per cent to RM5.47 billion for the year ended December 31 2017 from RM5.21 billion previously.

Revenue grew 3.8 per cent to RM20.86 billion from RM20.1 billion previously, said Malaysia’s third largest financial group by asset in a statement.

For the fourth quarter, Public Bank’s net profit edged up 0.2 per cent to RM1.49 billion from RM1.48 billion a year ago while revenue rose 5.2 per cent to RM5.35 billion from RM5.08 billion previously.

Higher net interest income, improving operating income, higher net fee and commission income and rising income from Islamic banking business contributed to net profit, it said.

“With the resilient performance in 2017, Public Bank Group continued to achieve a high net return on equity of 15.8 per cent while maintaining its low gross impaired loan ratio of 0.5 per cent and an efficient cost-toincome ratio of 31.9 per cent.

“The results are a validation of the group’s effective organic growth strategies and sustainable business model. We have benefited from our disciplined execution of our growth strategies while preserving prudent risk management practices to ensure sustainable and stable returns,” said Public Bank founder and chairman Tan Sri Dr Teh Hong Piow in a statement.

Meanwhile, Public Bank declared a second interim dividend of 34 sen, taking its full-year dividend for last year to 61 sen.