Public Bank’s 14% increase in net profit for Q2 FY2023 was bolstered by robust expansion in both its loan portfolio and customer deposits.
In a filing with Bursa Malaysia today, the banking group reported a rise in quarterly revenue to RM6.26 billion, marking a 26% increase from RM4.97 billion in the previous year. For the first half of 2023 , the bank recorded an 18.1% rise in net profit to RM3.33 billion from RM2.82 billion in the same period last year.The group also noted its profit was bolstered by robust expansion in both loan portfolio and customer deposits. Gross loans registered a growth of 5.2% or RM19.2 billion to RM387.2 billion from RM368 billion the previous year. This increase was attributed to the upswing in mortgage and hire purchase financing.
In a statement, Public Bank managing director and CEO Tay Ah Lek said there was a 3.4% rise in net interest income, driven by the expansion of the loan and deposit divisions, which experienced yearly growth rates of 5.4% and 6% respectively.
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