Public Bank Group has registered a 5.1 per cent increase in net profit to RM5.47 billion from RM5.21 billion previously for the financial year ended 31 December 2017.<\/p>\n
Public Bank said for FY17 its revenue rose by 3.8 per cent to RM20.858 billion from RM20.102 billion.\u00a0<\/p>\n
The country\u2019s third largest financial group by asset has proposed a final dividend of 34 sen a share, bringing the total dividend for the year to 61 sen compared with 32 sen a year ago and 58 sen for FY16.<\/p>\n
The total dividend paid and payable for 2017 amounted to RM2.36 billion and represents a total payout of 43.1 per cent of the group\u2019s net profit for 2017.<\/p>\n
Its founder and chairman Tan Sri Teh Hong Piow said the FY17 financial results were yet another milestone with pre-tax profit of RM7.12 billion, surpassing the RM7 billion mark for the first time.\u00a0<\/p>\n
\u201cThis represents 8.6% growth from the pre-tax profit of RM6.55 billion achieved a year ago.\u00a0<\/p>\n
\u201cNet profit attributable to shareholders grew by 5.1% to RM5.47 billion, translating to a net return on equity of 15.8% for 2017.<\/p>\n
\u201cThis group continued to achieve a high net return on equity of 15.8 per cent while maintaining its low gross impaired loan ratio of 0.5 per cent and an efficient cost-to-income ratio of 31.9 per cent,\u201d he said in a statement.\u00a0<\/p>\n
The results, he said, are a validation of the group\u2019s effective organic growth strategies and sustainable business model. We have benefited from our disciplined execution of our growth strategies whilst preserving prudent risk management practices to ensure sustainable and stable returns.<\/p>\n
Public Bank sustained a steady loan growth momentum at a rate of 3.6 per cent last year. The Public Bank Group\u2019s loan growth was mainly attributed to the lending growth in its retail consumer and commercial banking segment, comprising financing for the purchase of residential properties and extension of credits to small and medium Enterprises.<\/p>\n
\u201cIn tandem with the steady loan growth, the group\u2019s total customer deposits grew by three per cent, mainly attributed to the steady inflow of core deposit comprising fixed deposits, low-cost savings and current accounts, which grew by 4.5 per cent.<\/p>\n
\u201cThe Group\u2019s robust funding position was mainly supported by its strong retail franchise and large domestic depositor base of over six million customers who continue to place their trust and confidence in the Group in safeguarding their<\/p>\n
funds,\u201d said Teh.<\/p>\n
In the fourth quarter, its earnings rose 0.2% to RM1.485bil from RM1.482bil a year ago. Its revenue increased by 5.2% to RM5.35bil from RM5.08bil. Earnings per share were 38.47 sen compared with 38.40 sen. On prospects, Teh said the banking sector outlook is expected to be generally stable this year.\u00a0<\/p>\n
\u201cThe global economic recovery is strengthening and the Malaysian economic growth is expected to remain strong in 2018.\u00a0<\/p>\n
\u201cThis sets a stable outlook for continued growth opportunities for the Malaysian banking sector.\u201d he explained.\u00a0<\/p>\n
However, the group remains cautious on the potential downside pressure emanating from the continued low consumer sentiments and uncertainties lingering in the global economic environment.<\/p>\n
\u201cThat said, Public Bank Group is confident that its solid business model building on organic growth strategy in the core retail banking and financing business, coupled with its prudent credit policies, as well as strong risk management practices will continue to be the key strengths for the group to strive for higher growth and sustainable profitability.\u00a0<\/p>\n
\u201cFacing the highly competitive banking landscape, the group\u2019s key priorities are to accelerate business innovation and pursue operational efficiency in order to deliver the Group\u2019s commitment to excellence to all its stakeholders,\u201d concluded Teh.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Public Bank Group has registered a 5.1 per cent increase in net profit to RM5.47 billion from RM5.21 billion previously for the financial year ended 31 December 2017. Public Bank said for FY17 its revenue rose by 3.8 per cent to RM20.858 billion from RM20.102 billion.\u00a0 The country\u2019s third largest financial group by asset has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-1475","post","type-post","status-publish","format-standard","hentry","category-corporate"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/1475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=1475"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/1475\/revisions"}],"predecessor-version":[{"id":6121,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/1475\/revisions\/6121"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=1475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=1475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=1475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}