KUALA LUMPUR, Feb 28 — Public Bank Bhd’s (PBB) net profit for the financial year ended December 31, 2023 (FY2023) climbed to RM6.65 billion from RM6.12 billion a year ago, supported by healthy loans and customer deposits growth.

Revenue in FY2023 jumped to RM25.42 billion versus RM21.43 billion previously.

In a filing with Bursa Malaysia today, PBB said its gross loans grew by RM22.1 billion or 5.9 per cent to RM399.0 billion in FY2023 as compared to RM376.9 billion a year ago, mainly contributed by growth in mortgage financing, hire purchase financing, commercial property financing and other consumer financing.

"Total deposits from customers increased by 4.6 per cent or RM18.2 billion to RM412.9 billion as at the end of FY2023.

"The group’s gross impaired loan ratio remained relatively low at 0.59 per cent as at Dec 31, 2023, as compared to the average industry’s gross impaired loan ratio of 1.65 per cent,” it said.

Meanwhile, for the fourth quarter (4Q) of FY2023, PBB said its net profit declined to RM1.62 billion from RM1.71 billion a year earlier, while revenue was higher at RM6.55 billion against RM6.06 billion previously.

Managing director and chief executive officer Tan Sri Tay Ah Lek said that following the good performance in FY2023, the board of directors declared a second interim dividend of 10.0 cents per share, making the total dividend amount to 19.0 cents per share for FY2023.

"This is a total dividend payment of RM3.69 billion, which is 55.5 per cent of the Public Bank group’s FY2023 net profit,” he said.

Moving forward, Tay added that the Public Bank group will continue to focus on expanding its core business of retail and commercial banking while strengthening its commitment to environmental, social and governance.

"The group will ensure it remains relevant and resilient as it continues to serve the best interest of all its stakeholders,” he added. — Bernama