Public Bank’s FY23 net profit rises to RM6.65 bln

KUALA LUMPUR: Public Bank Bhd’s (PBB) net profit for the financial year ended Dec 31, 2023 (FY23) climbed to RM6.65 billion from RM6.12 billion a year ago, supported by healthy loans and customer deposits growth.

Revenue in FY23 jumped to RM25.42 billion versus RM21.43 billion previously.

In a filing with Bursa Malaysia yesterday, PBB said its gross loans grew by RM22.1 billion or 5.9 per cent to RM399.0 billion in FY23 as compared to RM376.9 billion a year ago, mainly contributed by growth in mortgage financing, hire purchase financing, commercial property financing and other consumer financing.

“Total deposits from customers increased by 4.6 per cent or RM18.2 billion to RM412.9 billion as at the end of FY23.

“The group’s gross impaired loan ratio remained relatively low at 0.59 per cent as at Dec 31, 2023, as compared to the average industry’s gross impaired loan ratio of 1.65 per cent,” it said.

Meanwhile, for the fourth quarter (4Q) of FY23, PBB said its net profit declined to RM1.62 billion from RM1.71 billion a year earlier, while revenue was higher at RM6.55 billion against RM6.06 billion previously.

Managing director and chief executive officer Tan Sri Tay Ah Lek said that following the good performance in FY23, the board of directors declared a second interim dividend of 10.0 cents per share, making the total dividend amount to 19.0 cents per share for FY23.

“This is a total dividend payment of RM3.69 billion, which is 55.5 per cent of the Public Bank group’s FY23 net profit,” he said. — Bernama