For the financial year 2023, the Public Bank Group achieved a pre-tax profit of RM8.54 billion and net profit attributable to shareholders of RM6.65 billion which was slightly higher compared to RM6.1 billion.
The banking group recorded an uptick in revenue for FY23 to RM25 billion from RM21 billion the group achieved in the preceding year. (FY22)
Tan Sri Dato’ Sri Dr. Tay Ah Lek, Managing Director and Chief Executive Officer of Public Bank commented, “The Public Bank Group’s stable profit performance for 2023 was mainly attributed to the continued growth of loans and deposits, along with the improvement in noninterest income and lower loan loss allowances. The Group’s net profit grew by 8.7% in 2023. The resilient performance is also reflected in the Group’s net return on equity of 13.0%.”
The group said it recorded healthy loans and deposits growth of 5.9% and 4.6% respectively in 2023 registering an average net interest margin of 2.20% during the year, contributing to a net interest and financing income of RM10.53 billion.
Non-interest income grew by 2.6%, contributed by higher income derived from the Group’s unit trust, foreign exchange and stockbroking businesses.
Tan Sri Tay highlighted, “In view of the commendable performance in 2023, the Board of Directors of Public Bank declared a second interim dividend of 10.0 sen per share, which brings its total dividend to 19.0 sen per share for the financial year 2023. This represents a total dividend payout of RM3.69 billion which accounted for 55.5% of the Public Bank Group’s net profit for 2023. The dividend will be paid on 22 March 2024, based on the dividend entitlement date of 14 March 2024.”
