Public Bank Bhd has reported a strong financial performance for the second quarter of 2024, achieving a net profit of RM1.78 billion with a 10.08% increase from the same quarter last year.
The bank's income for the quarter reached RM6.69 billion, an increase of 6.82% year-on-year. For the first half of 2024, the bank recorded a net profit of RM3.44 billion on revenue of RM13.49 billion.
Public Bank attributes its growth to a robust operating environment in Malaysia, supported by resilient private spending and investment activity.
The bank plans to further strengthen its core competencies in retail banking while exploring new opportunities in sustainability and digital transformation.
Additionally, Public Bank reported a 3.9% increase in net interest and financing income, amounting to RM5.42 billion, and a stable net interest margin of 2.2% for the first half of the year.
Public Mutual, the bank's unit trust business, also saw significant growth, contributing 9.7% to the group's overall pre-tax profit.
The bank declared an interim dividend of 10 sen per share representing 56.5% of its net profit for the six months ending June 30, 2024 to be distributed on September 23, 2024.
