Public Bank’s net profit up 3% to $1b in 2022

A second interim dividend of 4 sen per share has been announced.

Public Bank has recorded a net profit attributable to shareholders of approximately $1b (RM4.41b) for the first nine months of 2022, according to the latest earnings report released by the bank. This is 3% higher than the corresponding period in 2021.

The bank announced a second interim dividend of 4 sen per share, with a total dividend payout of around $176m (RM776.4m). The second interim dividend will be paid on 23 December.

Pre-tax profit improved 13.5% from a year ago to $1.43b (RM6.31b) over the same period of comparison.

ALSO READ: Public Bank H1 profits stumble over one-off prosperity tax

Higher net interest income coupled with lower impairment allowances helped propel Public Bank’s profits. Net interest income grew by 7.7% in 9M 2022 compared to a year ago, whilst loan impairment allowances fell by 70%.

The bank’s loans grew 5.8% during the period, whilst deposits also climbed 3.5% during the first nine months of the year. Net return of equity is at 12.4%, whilst its cost-to-income ratio is 32.6%.

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