KUALA LUMPUR, Feb 27 — Public Bank Bhd’s net profit increased to RM6.12 billion for the financial year ended Dec 31, 2022 (FY2022) compared with RM5.66 billion a year ago, supported by healthy loans and customer deposits growth.

Revenue in FY2022 was higher at RM21.43 billion versus RM19.62 billion previously, it said in a filing with Bursa Malaysia today.

Public Bank said the gross loans grew by RM18.9 billion or 5.3 per cent to RM376.9 billion as at Dec 31, 2022, from RM358.0 billion a year ago, mainly driven by growth in mortgage financing and hire purchase financing.

"Total deposits from customers increased by 3.8 per cent, or RM14.3 billion, to RM394.7 billion as at Dec 31, 2022.

"The group’s gross impaired loan ratio increased slightly but remained healthy at 0.4 per cent as at Dec 31, 2022, in tandem with the industry trend,” it said.

Meanwhile, for the fourth quarter of FY2022, its net profit rose to RM1.71 billion from RM1.38 billion a year earlier, while revenue was higher at RM6.06 billion against RM4.86 billion previously.

In a statement, Public Bank said the net profit attributable to shareholders increased by 8.2 per cent to RM6.12 billion after taking into account the one-off impact of the Prosperity Tax.

For outlook, managing director and chief executive officer Tan Sri Tay Ah Lek said the persisting economic challenges will continue to have spillover effects on the banking sector.

"Consumer and business sentiments will continue to be affected by the high inflationary pressure and softening global growth.

"However, the outlook on the Malaysian economy remains positive, and this will continue to support a conducive environment for banking business growth,” he said.

As the group continues to grow its retail and commercial banking business, he said the bank will remain focused on digital transformation, sustainability agenda as well as staff upskilling and reskilling, to ensure sustainable earnings growth and safeguard stakeholders’ interests at all times.

The board of directors declared a third interim dividend of 5.0 sen per share which will be paid on March 22, 2023, based on the dividend entitlement date of March 14, 2023. — Bernama