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.
Malaysia’s super-rich, hard hit by the market following the outbreak of Covid-19, saw billions being wiped out of their fortunes. On the other hand, entrepreneurs involved in the making of rubber gloves minted more money, while new billionaires emerged from the tech manufacturing sector as shares of their companies soared in 2020.
THE outbreak of the Covid-19 pandemic in 2020 has delivered a brutal hand to the country’s economy, bringing unprecedented challenges to the general public and corporate sector.
And if this may offer some consolation amid the plunging values of your retirement and savings accounts, some of Malaysia’s wealthiest individuals have lost lots of money too, a survey on Malaysia’s 40 Richest individuals for 2020 showed.