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aws全区号(www.2km.me)_Public Bank net profit rises to RM4.28bil

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“During these trying times, the group had undertaken multiple proactive initiatives in its business strategies and placed greater emphasis on risk management and productivity,” said Public Bank Group founder and chairman emeritus Tan Sri Teh Hong Piow. (pic)

KUALA LUMPUR: Public Bank Bhd saw improvements in its core lending and deposit-taking business during the nine-month period ended Sept 30, 2021, posting a 15% increase in net profit to RM4.28bil compared with RM3.72bil in the previous corresponding period.

The group’s cumulative revenue for the three quarters was 4.05% lower at RM14.76bil compared with RM15.39bil in the same period in 2020.

In the third quarter alone, the group’s net profit slipped 2.3% year-on-year (y-o-y) to RM1.36bil amid a 6.25% decline in revenue to RM4.81bil.

“During these trying times, the group had undertaken multiple proactive initiatives in its business strategies and placed greater emphasis on risk management and productivity,” said Public Bank Group founder and chairman emeritus Tan Sri Teh Hong Piow in a statement released together with the earnings results.

He said these efforts allowed the group to register a net return-on-equity of 12.4% and a cost-to-income ratio of 31.7% for the nine months ended September 2021.

In the year-to-date period, the group’s total loans saw an annualised growth of 3% to RM353.5bil, with domestic loans growing at an annualised rate of 2.8% to RM330.5bil.

According to the group, about RM81.9bil or 25% of its outstanding domestic loans as at end-October fall under the Repayment Assistance Programme, benefitting over 435,000 customers.

Over the same period, the group’s total customer deposits grew at an annualised rate of 4.8% to RM378.9bil, supported mainly by its low-cost current and savings deposits, which grew at an annualised rate of 12.2%.

Total domestic customer deposits grew at an annualised rate of 5.1% to RM350.5bil.

However, the group’s non-interest income declined 2.9% in the nine-month period due to the reduction in investment income.

The unit trust business, Public Mutual registered pre-tax profit growth of 25.5% y-o-y.

“As at the end of September 2021, Public Mutual managed a total of 170 unit trust funds with assets under management totalling RM102.7bil and continued to capture a large retail market share of 32.9%,” said Teh.

Meanwhile, the group’s common equity Tier-1 capital ratio, Tier-1 capital ratio and total capital ratio stood at a healthy level of 14.1%, 14.1% and 17.2%, respectively, while liquidity coverage ratio remained healthy at 145.6%.

Moving forward, the group is cognisant of concerns about the lingering effect of Covid-19 and the effectiveness of vaccines against new variants, which could continue to hinder the pace of the economic recovery.

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