PETALING JAYA: Public Bank Group reported a pre-tax profit of RM8.93 billion and net profit attributable to shareholders of RM7.15 billion for financial year 2024 (FY24), higher by 4.6% and 7.5%, respectively, compared with 2023.
Excluding the one-off impairment of goodwill of RM473.8 million incurred during the year for the group’s Hong Kong operations, Public Bank’s pre-tax profit recorded a higher growth of 10.1% in 2024 compared with 2023.
With the proactive management of funding cost, Public Bank has been able to maintain a stable net interest margin and generate 5.1% growth in net interest and financing income to RM11.07 billion in 2024. This is complemented by stronger growth in non-interest income, which rose by 15.2% to RM2.85 billion during the period.
Managing director and CEO Tan Sri Dr Tay Ah Lek commented, “The Public Bank Group's 2024 performance was underpinned by sustained growth in both loans and deposits businesses, and further supported by stronger growth in non-interest income. Coupled with the group’s prudent cost management, as evidenced by its efficient cost-to-income ratio of 34.5%, the group achieved a commendable net return on equity of 13.2%.”
The gross impaired loans ratio for 2024 remained low at 0.5%, highlighting Public Bank's strong credit risk management and resilient loan portfolio. Loan loss coverage ratio remained prudent at 166.2% as at end-December 2024.
Tay said, “In recognition of the good performance in 2024, the board of directors has declared a second interim dividend of 11 sen per share.”
With the first interim dividend of 10 sen per share declared in August 2024, the total dividend for 2024 amounted to 21 sen. This represents a total payout of RM4.08 billion or 57% of the group's net profit for 2024. The second interim dividend will be paid on March 24, with a dividend entitlement date of March 13.
Looking at 2025, Malaysia’s operating environment is expected to be favourable at a positive growth trajectory, supported by steady domestic demand, services sector growth including tourism activities as well as further progress of investment and infrastructure projects. However, downside risks remain, particularly from global headwinds stemming from geopolitical tensions and policy uncertainty.
“Moving into the Public Bank Group’s 59th year of operations in 2025, the group remains committed as a ‘Bank for the People’. The group will continue to position itself for sustainable growth in the years to come,” said Tay
