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PETALING JAYA: Public Bank Bhd’s net profit for the third quarter ended Sept 30, 2022 grew 16.8% to RM1.59 billion from RM1.36 billion same quarter last year on the back of higher net interest income and lower loan impairment allowance.

Revenue for the quarter rose 14.4% to RM5.5 billion from RM4.81 billion year-on-year.

Year-to-date, net profit increased 3% to RM4.41 billion from RM4.28 billion the corresponding period last year, mainly due to higher net interest income growth (7.7%) and lower loan impairment allowances (70%).

Revenue raised was RM15.36 billion, up 4.1% from RM14.76 billion in the same period last year.

Public Bank is declaring a second interim dividend of four sen per share, amounting to RM776.4 million. The dividend will be paid on Dec 23, 2022 based on the dividend entitlement date of Dec 15, 2022.

Going forward, the group said its 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 will continue to ensure that it remains well-capitalised and well-funded to support its business, while safeguarding the interests of stakeholders. It also remains committed to strengthen its regional presence in Indochina.

Public Bank founder and chairman emeritus Tan Sri Dr Teh Hong Piow (pic) said the group will remain vigilant to the uncertainties and challenges and will continue to build business resilience by maintaining healthy capital position, preserving asset quality, strengthening risk management capabilities and upholding sound corporate governance practices.

“As the group continues to leverage on its core banking business to grow its business, the group will remain agile in strategy implementation to capture any business opportunities arising from the economic recovery and evolving business landscape,” he concluded.

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