KUALA LUMPUR: Public Bank Bhd has registered a 2.9 per cent increase in net profit during the financial year ended Dec 31, 2016 to RM5.21 billion from RM5.06 billion recorded last year.
In a filing to Bursa Malaysia today, Public Bank said the year-on-year increase in net profit was due to higher net interest income and higher income from Islamic banking business.
“The growth in the group’s profit was driven by continued loans and customer deposits growth coupled with stable asset quality,” it said.
Its revenue during the same period increased 4.8 per cent to RM20.1 billion from RM19.18 billion.
For the fourth quarter, Public Bank’s net profit eased 0.6 per cent to RM1.48 billion from RM1.49 billion due to lower other operating income, lower net writeback of loan impairment allowance and higher other operating expenses.
Its revenue during the quarter increased 3.1 per cent to RM5.08 billion from RM4.93 billion.
In line with the favourable full year financial performance, Public Bank board of directors has declared a second interim dividend of 32 sen, taking full year dividend for 2016 to 58 sen.
It said the total dividend paid and payable for 2016 amounted to RM2.24 billion and represents a total payout of 43 per cent of the group’s net profit for 2016.