Public Bank Berhad aims for $11b in ESG-friendly financing by 2025

It also plans to finance energy-efficient vehicles worth $7b by 2025.

Malaysia’s Public Bank Berhad said it aims to reach RM48b ($11b) in Environmental, Social, and Governance (ESG) friendly financing by 2025.

In its 57th annual general meeting last Monday, Managing Director Tan Sri Tay said the group reached a profit “milestone” last year amidst Malaysia's economic rebound.

Before tax, the group was able to reach a record RM8.83b ($1.96b) in profits, surpassing the RM8b mark.

For 2023, it plans to maintain its growth despite uncertainties.

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“In meeting these challenges, we will continue to operate efficiently and maintain prudent credit risk management. We will also sustain strong corporate governance and sound risk management practices. We strive to proactively manage any potential asset quality risks,” said Tay.

The Malaysian bank also emphasised its commitment to sustainable financing.

It also plans to achieve RM15b ($3b) financing for affordable housing. Presently, the bank has financed RM30b ($7b) for energy-efficient vehicles. 

Its vehicle financing went above the previous target of RM25b ($6b), thus revising the target to RM33b ($7b) by the year 2025.

(RM1 = US$0.22)