PETALING JAYA: Public Bank Bhd’s fourth quarter ended Dec 31, 2021 net profit fell 18.3% to RM1.15 billion from RM1.41 billion reported in the same quarter of the preceding year attributed to a higher loan impairment allowance to preempt the potential impact from the Covid-19 pandemic, which was offset by a higher income from its fund management, stockbroking and Islamic banking businesses.
Revenue for the quarter stood at RM4.92 billion, a 13.3% decrease from RM5.67 billion reported previously.
For the full year of 2020, Public Bank’s net profit stood at RM4.87 billion, a 11.6% decline from RM5.51 billion reported in the preceding financial year.
Revenue for the period declined 9.6% to RM20.3 billion from RM22.45 billion reported previously.
Given its performance, the group’s board has declared a dividend of 13 sen per share,amounting to a total dividend payout of RM2.52 billion, which will be paid on March 22, 2021.
The group’s founder, chairman emeritus, director and adviser Tan Sri Teh Hong Piow remarked that 2020 was a year full of unprecedented challenges given the economic disruptions and uncertainties stemming from the Covid-19 pandemic as well as the cuts to the overnight policy rate which placed further pressure to the banking sector.
“Against this backdrop, the Public Bank Group was still able to show steady performance and sustain its profitability,” he said in a press release.
As for its prospects for the year ahead, Teh stated Public Bank will remain vigilant and agile in balancing growth with risks amid the prevailing economic conditions.
“As the group focuses on organic growth strategy in retail and commercial banking, it will continue to strengthen its resilient business model and core competencies, including its superior asset quality, efficient cost management and customer service excellence.”
Public Bank will remain vigilant and agile in balancing growth with risks amid the prevailing economic conditions. – REUTERSPIX
Source: The Sun Daily
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