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KUALA LUMPUR (Feb 25): Public Bank Bhd s net profit for the fourth quarter ended Dec 31, 2020 (4QFY20) fell 18.35% to RM1.15 billion from RM1.41 billion a year ago, due to higher loan impairment allowance made amid the Covid-19 pandemic.
Its quarterly revenue also slipped 13.35% to RM4.92 billion, from RM5.67 billion a year ago, its filing with Bursa Malaysia showed.
The group announced an interim dividend of 13 sen to be payable on March 22.
The group said the decrease in profit for the current quarter was mainly due to higher loan impairment allowance made by RM513.3 million due to pre-emptive allowance set aside in anticipation of the potential effect of the Covid-19 pandemic.
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posted lower net profit of RM4.87bil in the financial year ended Dec 31,2020 due to one-off Day One net modification loss, negative effect of the reduction in the Overnight Policy Rate (OPR) and higher loan impairment allowance.
It announced on Thursday, group s pre-tax profit for FY20 decreased by RM849.1mil or 11.9% to RM6.28bil compared with RM7.13bil a year ago. Its net profit fell by RM639.9mil or 11.6% to RM4.87bil from RM5.51bil in FY19.
Tan Sri Teh Hong Piow, founder, chairman emeritus, director and adviser of Public Bank, said: “2020 was a year full of unprecedented challenges. The onset of Covid-19 pandemic inflicted significant economic disruptions and uncertainties.
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Wed, 9 December 2020
The National Bank of Cambodia (NBC) has given the approval in principle to Malaysian-listed G Capital Bhd for the establishment of a full-fledged commercial bank under the name “Oriental Bank Plc” in the Kingdom.
This comes with an approved capital of $100 million, G Capital said in a statement on December 8.
It said it has entered into a heads-of-agreement contract with local firm E S Packaging Co Ltd and Public Bank Bhd’s former Indo-China operations regional head Phan Ying Tong to collaborate on the venture, Malaysian media outlet The Edge Markets reported.
In a filing to the Bursa Malaysia, G Capital said: “Specifically, the heads of agreement has been structured to outline the preliminary undertakings and obligations of the parties with a view to enter into legally binding definitive agreement between the parties to establish ‘Oriental Bank Plc’.”
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