Photo courtesy of Public Bank from LinkedIn

Public Bank posts 18% YoY net profit growth for 1H 2023

Its overseas operations accounted for 7.8% of the overall earnings.

During the first six months of 2023, Malaysia-based Public Bank saw its earnings grow 18.4% year-on-year (YoY) to RM3.33b.

The bank attributed its net profit growth to “healthy loans and deposits growth, prudent costs management as well as stable asset quality,”

Its net return on equity stood at 13.2%.

Further, net interest income expanded 3.4% YoY, mainly driven by loans and deposits businesses which saw incremental growth of 5.4% and 6.0%, accordingly.

Operating expenses, however, went up 3.5% YoY.

As of the end of June 2023, the bank sustained a robust loan growth momentum, reaching RM387.2b, climbing 5.4% YoY. The primary driver of this growth was domestic loans, which increased by an annualised rate of 5.0% YoY to RM360.8b. 

The first half of 2023 witnessed a 9.1% YoY rise in newly approved domestic loans compared to the same period the previous year, indicating a promising pipeline for future loan growth.

Total customer deposits grew by 6.0% YoY to reach RM406.5b by the end of June 2023. 

Domestic deposits contributed to this growth, rising by 6.1% YoY to RM378.4b, largely due to consistent growth in retail deposits. The Group's gross loan to fund and equity ratio remained stable at 80.9% YoY in the six-month period.

ALSO READ: Public Bank ties with PRO-NET, bolster presence in NEV industry

International operations

In the January to June period, the overseas operations of the Public Bank contributed 7.8% to the overall group's profit, with notable contributions from its operations in Hong Kong and the Indochina region.

The profit growth of the group's subsidiaries, Public Bank Vietnam and Cambodian Public Bank (Campu Bank), remained robust. 

Public Bank Vietnam achieved an impressive YoY profit growth of 15.9%, while Campu Bank exhibited even stronger growth at 33.1% YoY.

The bank said it has been strategically expanding its presence in the fast-growing Indochina region. Public Bank Vietnam aims to open eight new branches in the current year, aiming for a total of 40 branches.

Although the operating environment for the bank’s operations in Hong Kong remains challenging even after the easing of COVID-19 containment measures, the group remains adaptable.


Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!