Public Bank posts net profit of RM1.4bil in 1Q

30/5/2022 10:50:00 AM

An 8.6% decrease from the same quarter last year.

An 8.6% decrease from the same quarter last year.

KUALA LUMPUR: Public Bank Bhd recorded a lower net profit of RM1.4bil in the first quarter ended March 31, 2022, an 8.6% decrease from RM1.53bil in the same quarter last year, mainly owing to the imposition of the one-off prosperity tax introduced by the government for 2022.

Public Bank Bhd recorded a lower net profit of RM1.for the latest news you need to know.A GEORGE TOWN (May 30): Penang has a strong financial position, registering accumulated consolidated fund reserves of RM1.for the latest news you need to know.

4bil in the first quarter ended March 31, 2022, an 8.6% decrease from RM1.40 billion in the first quarter ended March 31, 2022 (Q1 2022) from RM1.53bil in the same quarter last year, mainly owing to the imposition of the one-off prosperity tax introduced by the government for 2022.According to the Auditor-General's (AG) Report 2020 Series 1 on the management of Penang state-owned companies, the consolidated revenue account balance decreased 23.Pre-tax profit for the quarter however was up 0.Revenue also declined to RM4.1% year-on-year (y-o-y) to RM2bil.1 per cent to RM887.

In 1QFY22, revenue came to RM4.03 billion previously, it said in a filing with Bursa Malaysia today.155 billion at end-2019.89bil, a 2.84% decrease from the previous corresponding quarter “Overall, the operating environment still remains highly challenging.8 per cent and an efficient cost-to-income ratio of 33.However, the Public Bank Group’s sound fundamentals, coupled with its strategic vigilance and agility, continued to enable the Group to sustain financial resilience.28 million from RM661.“In the first quarter of 2022, the Public Bank Group continued to sustain a resilient net return-on-equity of 11.“Overall, the operating environment still remains highly challenging.28 million from RM661.

8% and efficient cost-to-income ratio of 33.2%," said Public Bank founder and chairman emeritus Tan Sri Teh Hong Piow in a statement.— Bernama Advertisement.06 million against a surplus of RM80.Over the quarter under review, the group's total loans grew 5.3% y-o-y to RM362.7mil.However, the report commended that the company’s performance in building construction, civil engineering, and building and infrastructure maintenance activities was good as it earned a revenue of RM72.As for the AG's Report 2020 Series 1, the management auditing of a state-owned company was carried out at PDC Nusabina Sdn Bhd (PDCN) where overall, the company was found to have not fully achieved the objectives of its establishment as a contractor that actively participated in the construction industry.

Domestic loans grew at a faster pace of 5.9% to RM339.6bil in the back of financing for residential properties and hire purchase financing.Site meal payment management was not clear and not detailed.Total loans approved rose by 14% in the first quarter of 2022, as compared with the corresponding period in 2021.As at the end of March 2022, the group sustained its leading position in the residential properties, commercial properties and hire purchase financing with market share of 20.“PDCN's corporate governance practices were at an unsatisfactory level where seven aspects of the company's best corporate governance practices were not fully practised.

5%, 34% and 30.Read also: Subscribe to Mid-day email alert We deliver news to your inbox daily.4% respectively.In terms of funding, the group’s total customer deposits recorded an annualised growth of 4.6% to RM384.8bil.

Domestic deposits grew at the same pace with annualised rate of 4.6% to RM356.7bil.Financing growth remained well supported by the group's healthy funding structure, as reflected in its gross loan to fund and equity ratio of 80.7% as at the end of March 2022.

The group's non-interest income however was 10.9% lower y-o-y due to a decline in income from its unit trust and stockbroking business as well as lower investment income from the unfavourable market condition."Public Mutual recorded a pre-tax profit of RM202mil in the first quarter of 2022, contributing 10.1% to the group’s profit."As at the end of March 2022, Public Mutual continued to capture a large retail market share of 35.

4%, with a total of 177 unit trust funds and total assets under management of RM99.8bil," said Teh.As at end-March 2022, Public Bank's gross impaired loans (GIL) ratio remained low at 0.3%.Its loan loss coverage ratio stood at 382.

5% while its loan loss coverage ratio inclusive of regulatory reserves was higher at 402.7% The group’s common equity Tier 1 capital ratio, Tier 1 capital ratio and total capital ratio stood at a healthy level of 14.3%, 14.4% and 17.4% respectively, while liquidity coverage ratio remained healthy at 126.

2%.Moving forward, Teh noted that Malaysia's efforts to contain Covid-19 will further stimulate the economy with the reopening of more social and economic sectors as well as international borders.However, he acknowledged that challenges remain including the resurgence of Covid-19 variants and geopolitical tensions."After two years into the Covid-19 pandemic, the Public Bank Group’s resilience to challenges has been further strengthened."Coupled with its sound fundamentals built over the years, the Public Bank Group will remain in good stead to capitalise growth opportunities in the post-pandemic economy going forward.

"The Group will remain steadfast in pursuing its organic business strategy, improving cost efficiency and maintaining superior asset quality to support sustainable growth," he said.Article type: free.

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