KUALA LUMPUR, Aug 29 — Public Bank Bhd’s net profit for the second quarter ended June 30, 2022 (Q2FY2022) rose to RM1.42 billion from RM1.38 billion posted in the same quarter last year, mainly by higher net interest income as well as lower loan impairment allowances.

Revenue increased to RM4.97 billion from RM4.92 billion previously.

In a filing with Bursa Malaysia today, founder, chairman emeritus, director and adviser Tan Sri Teh Hong Piow said the transition to endemicity alongside the pick up in business activities and consumer sentiment has resulted in an improved business environment, further supporting the group’s core banking business on loans and deposits.

“The board of directors is declaring a first interim dividend of eight sen per share, which will result in a total dividend payout of RM1.55 billion, representing 55.2 per cent of the group’s net profit for the half year ended June 30, 2022 (1H FY2022).

“The first interim dividend will be paid on Sept 23, 2022 based on the dividend entitlement date of Sept 14, 2022,” he said.

Teh said the bank continued to sustain its domestic leading position in residential properties, hire purchase financing and SME financing with market share of 20.5 per cent, 30.5 per cent and 20.5 per cent respectively despite the significant economic headwinds and intense competition in the market.

He said the Public Bank group’s liquidity and funding structure remained healthy with a gross loan to fund and equity ratio of 81 per cent as of 1H FY2022.

On non-interest income, Public Bank’s Public Mutual arm recorded a pre-tax profit of RM392.2 million in 1H FY2022, contributing 9.7 per cent to the bank’s profit.

“Despite the subdued market sentiment, Public Mutual continued to capture a large retail market share of 35.2 per cent with a total of 177 unit trust funds and total assets under management of RM92.1 billion,” Teh said.

On prospects, Teh said the bank’s strong balance sheet, resilient asset quality and good corporate governance practices would continue to provide support in strengthening its business with greater cost efficiency and operational productivity. — Bernama