Public Bank Group's net profit climbs by 12.4% to $427.36m in Q3 2024

Earnings per share stood at 9.85 sen.

Malaysia's Public Bank reported a 12.4% increase in net profit attributable to shareholders, reaching $427.36m (RM1.91b) in the third quarter compared to $380.37m (RM1.7b) in the same period last year, according to its financial report.

Net interest and Islamic banking income rose by 5.5%, driven by an improved net interest/financing margin and healthy loan growth.

Non-interest income increased by $25m (RM112m), supported by higher overall net fee and commission income as well as foreign exchange gains.

Profit contributions from an associated company rose by $17.02m (RM76.1m) during the quarter, whilst loan/financing impairment allowances decreased by $12.17m (RM54.4m). 

However, these gains were partially offset by an increase of $23.11m (RM103.3m) in other operating expenses, attributed to higher personnel and establishment costs associated with increased business activities.

The group also reported a higher other comprehensive loss, which grew to $212.94m (RM951.7m) from $203.92m (RM911.4m), primarily due to increased losses from foreign currency translation following the strengthening of the Ringgit and losses on cash flow hedges. 

These losses were partially mitigated by gains from the revaluation of financial investments during the quarter.

Earnings per share stood at 9.85 sen, up from last year’s 8.76 sen.

$1 = RM4.47