KUALA LUMPUR – Public Bank Bhd reported on August 27 that its second-quarter net profit rose 38% to RM1.38 billion from RM1.002 billion a year earlier on higher net interest income, net income from Islamic banking and net fee and commission income as the group’s financial performance improved from a lower base effect a year earlier during which the group contended with COVID-19 relief measures-driven modification loss and the negative effect of Malaysia’s overnight policy rate (OPR) reduction.
In a statement to Bursa Malaysia on August 27, Public Bank said its revenue rose to RM4.92 billion for the second quarter ended June 30, 2021 (2QFY21) from RM4.74 billion a year earlier.
Public Bank said the higher net interest income, net income from Islamic banking and net fee and commission income “were partially offset by higher loan impairment allowances” for 2QFY21 in anticipation of the potential effect of the COVID-19 pandemic besides “lower investment income” and higher operating expenses.
The group declared a dividend of 7.5 sen a share for 2QFY21.
For the first half ended June 30 (1HFY21), Public Bank said cumulative net profit rose to RM2.91 billion from RM2.33 billion a year earlier despite lower revenue at RM9.95 billion compared with RM10.25 billion previously.
In quarterly terms, Public Bank said its 2QFY21 net profit fell 9.5% to RM1.38 billion due to higher loan impairment allowances and lower net fee and commission income.
Public Bank has 19.41 billion issued shares, according to its latest quarterly financial report.
In a separate Bursa filing, Public Bank said its 7.5 sen a share dividend will be paid on September 23.