Public Bank H1 profits stumble over one-off prosperity tax

This was partially offset by higher net interest income.

Public Bank Group’s net profit attributable to shareholders was $630m (MYR2.82b) for the first half (H1) of the year, a 3.2% dip from $650m (MYR2.91b) in the same period last year.

This was due to the impact of the one-off prosperity tax which bit down on the bank’s first-quarter profit.

This was partially offset by Public Bank earning a pre-tax profit growth of 6% to $900m driven mainly by higher net interest income which grew by 3.4% as well as lower loan impairment allowances.

“The Public Bank Group continues to manage its balance sheet and asset quality conscientiously to ensure adequate safeguards amid the ongoing economic challenges. For the first half of 2022, gross impaired loans ratio remained low at 0.3% despite the expiry of repayment assistance programmes under the PEMULIH scheme. The Group’s strong fundamentals and prudent management enabled the Group to continue sustain a resilient net return-on-equity of 12% and the efficient cost-to-income ratio of 33.5%, which are well within the Group’s target for 2022,” Tan Sri Dato’ Sri Dr Teh Hong Piow, the founder, Chairman Emeritus, Director and Adviser of Public Bank said.