Public Bank 1Q net profit drops 8.5% on Cukai Makmur

by ANIS HAZIM / pic credit: Public Bank FB

PUBLIC Bank Bhd’s shares fell three sen to RM4.59 on the weaker financial results in the first quarter ended March 31, 2022 (1Q22).

Public Bank’s net profit fell 8.5% year-on-year (YoY) to RM1.4 billion or 7.21 sen earnings a share in 1Q due to the recognition of Cukai Makmur in the current period.

The banking group’s revenue fell 2.2% YoY to RM4.89 billion in the quarter under review due to lower non-interest income in the period.

Gross loans to-date grew 3.7% YoY to RM362.7 billion driven by growth in mortgage financing and hire purchase financing, the bank stated in its release today.

Public Bank stated its treasury operations will remain vigilant in its business approach and maintain a prudent risk profile while strengthening its risk management capabilities to weather ongoing market risk.

“Public Bank continues to ensure it remains well-capitalised and well-funded to support its business, while safeguarding the interests of its stakeholders.

“The group’s healthy capital and liquidity position coupled with its resilient asset quality and prudent loan loss reserves will enable the group to navigate through the challenges ahead,” it said.

Public Bank remains committed to strengthening its regional presence, while leveraging its strong branding and prudent management practices.