The financial services provider reported a net profit for the second quarter ended June 30 (Q2) of RM1.42 billion, up from RM1.38 billion in the previous corresponding quarter.

The revenue for the same quarter rose to RM4.97 billion from RM4.92 billion previously.

In a filing with Bursa Malaysia today, founder and adviser Teh Hong Piow said the transition to endemicity alongside the pick-up in business activities and consumer sentiment has resulted in an improved business environment, further supporting the group’s core banking business on loans and deposits.

“The board of directors is declaring a first interim dividend of eight sen per share, which will result in a total dividend payout of RM1.55 billion, representing 55.2% of the group’s net profit for the half year ended June 30 (H1 2022).

“The first interim dividend will be paid on Sept 23, 2022 based on the dividend entitlement date of Sept 14, 2022,” he said.

Teh said the bank continued to sustain its domestic leading position in residential properties, hire purchase financing and SME financing with market share of 20.5%, 30.5% and 20.5% respectively despite the significant economic headwinds and intense competition in the market.

He said that at the group level, liquidity and funding structure remained healthy with a gross loan-to-fund and equity ratio of 81% as of H1 2022.

On non-interest income, Public Mutual recorded a pre-tax profit of RM392.2 million in H1 2022, contributing 9.7% to the bank’s profit.

“Despite the subdued market sentiment, Public Mutual continued to capture a large retail market share of 35.2% with a total of 177 unit trust funds and total assets under management of RM92.1 billion,” Teh said.

On prospects, Teh said the bank’s strong balance sheet, resilient asset quality and good corporate governance practices would continue to provide support in strengthening its business with greater cost efficiency and operational productivity.