Published: Wednesday February 6, 2013 MYT 1:10:00 PM
Updated: Wednesday February 6, 2013 MYT 1:36:10 PM
Public Bank's Q4 earnings up 8.6% to nearly RM1bil (Update)
KUALA LUMPUR: Public Bank Bhd's earnings rose 8.6% to RM992.47mil in the fourth quarter ended Dec 31, 2012 from RM913.39mil a year ago. It proposed a dividend of 30 sen a share.
It said on Wednesday that revenue rose 9.28% to RM3.63bil from RM3.32bil a year ago. Earnings per share were 28.34 sen compared 26.08 sen.
For the financial year ended Dec 31, 2012 (FY12), its earnings rose 5.02% to RM3.87bil from RM3.68bil in FY011. Its revenue increased by 10.2% to RM14.058bil from RM12.756bil.
Its founder and chairman Tan Sri Teh Hong Piow said the banking group achieved yet another milestone financial results in 2012 with a record pre-tax profit of RM5.10bil, surpassing the RM5bil mark for the first time.
"As a result of the retrospective application of MFRS 139, the comparative pre-tax profit and net profit for 2011 were restated upwards by RM267mil and RM200mil to RM4.88bil and RM3.68bil respectively.
"The group's pre-tax profit and net profit for 2012 were 4.6% and 5.0% higher than the restated corresponding profits in the prior year. However, excluding the effects of such restatement, the group's pre-tax profit and net profit for 2012 increased by 10.7% and 11.1% respectively," he said.
Teh said the group's balance sheet position remained strong and continued to be supportive of loans growth.
Gross loans grew by 11.3% during the year to RM198bil as at end-2012, with domestic loans growing at a faster pace of 12.5% over the same period.
He said loan growth was funded mainly by customer deposits which grew 12.3%, with domestic customer deposits increasing by 13.0% in 2012. Loan-to-deposit ratio of 87.1% as at the end of 2012.