, Malaysia

Public Bank net profits down 8.6% in Q1 as one-off tax bites

The operating environment remains challenging, the bank’s founder said.

Public Bank’s net profit attributable to shareholders decreased by 8.6% to $320m (RM1.4b) in the first quarter (Q1) due to a one-off prosperity tax introduced by the Malaysia government in 2022.

In Q1 2021, net profit came at $350m (RM1.53m).

Negative effects arising from the COVID-19 continues to linger in Malaysia’s banking sector, according to Public Bank founder and director Tan Sri Dato’ Sri Dr. Teh Hong Piow.

“Overall, the operating environment still remains highly challenging. However, the Public Bank Group’s sound fundamentals, coupled with its strategic vigilance and agility, continued to enable the group to sustain financial resilience,” he said.

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