For the first half of 2024, the Public Bank Group reported a profit after tax of RM3.4 billion, higher as compared with the corresponding period in 2023 of RM3.3 billion.
The banking group’s revenue for the 1H was at RM13.4 billion compared to RM12.3 billion registered in the previous year.
Quarter 2 also performed steadily, with revenue of RM6.6 billion against RM6.2 billion recorded in the preceding year’s quarter, profit after tax rose to RM1.78 billion versus RM1.61 billion achived in Q2FY23.
In a statement the bank said, notwithstanding the competitive operating environment, the Group continued to sustain healthy business momentum, driven mainly by its resilient growth in loans and deposits businesses, and further supported by a growth in its non-interest income. Coupled with its prudent costmanagement and sound asset quality, the Group achieved a net return
on equity of 12.8% for the first half of 2024.
Tan Sri Dato’ Sri Dr. Tay Ah Lek, Managing Director and Chief Executive Officer of Public Bank is pleased to announce, “Given the good performance in the first half of 2024, the Board of Directors of Public Bank has declared an interim dividend of 10.0 sen per share, representing 56.5% of the Group’s net profit for the six months ended 30 June 2024.”The Group’s profit performance was mainly supported by its top-line growth. As compared with the corresponding period ended 30 June 2023,
net interest and financing income rose by 3.9% to RM5.42 billion, with its net interest margin/financing margin staying stable at 2.20%. Meanwhile, non-interest income recorded a 5.8% growth to RM1.32 billion, largely from higher income in the unit trust and stock-broking businesses. With the ongoing initiatives to enhance operational efficiency, operating expenses continued to be prudently managed, as reflected by the Group’s efficient cost-to-income ratio of 35.3%.
In terms of asset quality, the Group’s impaired loans ratio was steady at 0.6%, while loan loss coverage was sustained at a prudent level of 154.2%.
