In a filing to Bursa Malaysia today, the third-largest bank by market capitalisation said the decrease in net profit for the quarter was mainly due to lower investment income, lower fee income and other income and higher other operating expenses.
In a filing to Bursa Malaysia today, the third-largest bank by market capitalisation said the decrease in net profit for the quarter was mainly due to lower investment income, lower fee income and other income and higher other operating expenses.

KUALA LUMPUR: Public Bank Bhd's net profit eased 2.2 per cent to RM1.36 billion in the third quarter (Q3) ended September 30, 2021, from RM1.39 billion recorded in the same quarter a year ago.

In a filing to Bursa Malaysia today, the third-largest bank by market capitalisation said the decrease in net profit for the quarter was mainly due to lower investment income, lower fee income and other income and higher other operating expenses.

Revenue in the same quarter decreased 6.2 per cent to RM4.81 billion from RM5.13 billion.

In a separate statement, founder, chairman emeritus, director and adviser Tan Sri Dr Teh Hong Piow said the prevailing economic condition in 2021 has remained challenging amid the prolonged Covid-19 pandemic.

"The reimposition of tighter containment measures during the Q3 of 2021 continued to dampen economic growth.

"During these trying times, the banking group had undertaken multiple proactive initiatives in its business strategies and placed greater emphasis on risk management and productivity.

"These efforts enabled the banking group to continue to demonstrate resilience in its performance by registering a net return-on-equity of 12.4 per cent and an efficient cost-to-income ratio of 31.7 per cent during the nine months ended September 2021," he said.

For the cumulative nine-month period, Public Bank's net profit increased 14.8 per cent to RM4.28 billion from RM3.72 billion, while revenue eased 4.1 per cent to RM14.77 billion from RM15.39 billion.

Teh said despite the continued challenging environment, the banking group will remain steadfast in its efforts to strengthen its balance sheet, uphold its strong asset quality as well as enhance cost efficiencies further.

"While embracing the changes stemming from the pandemic, the group will continue its pursuit of digital transformation and product innovation to strengthen long term business growth."

"With its resilient fundamentals, the group remains well placed to navigate any challenges ahead and spur business growth as the country moves toward post-pandemic recovery," he added.