This was in tandem with an increase in revenue by 25% to RM6.12 billion from RM4.88 billion the year before.

As a result of the higher net profit, earnings per share grew to 8.83 sen per share instead of 7.21 sen per share.

This was due to higher net interest income and interest from the Islamic banking business, which was up 6% or RM149.9 million ringgit.

“(This was) attributable to the positive effect of overnight policy rate (OPR) hikes and loan growth achieved over the last 12 months,” the group said in a Bursa filing.

The group’s other comprehensive net income also rose thanks to a gain on the revaluation of financial investments in the current period.

Gross loans grew by 5.2% to RM381.6 billion as of March 31, 2023 versus RM362.7 billion a year ago.

Meanwhile, the group’s gross impaired loan ratio remained low at 0.5% as at 31 March 2023.

Looking closer at the group’s business segments, hire purchase and the group’s overseas operations experienced growth in pre-tax profit, whilst corporate lending and investment banking saw a fall.

“The group continues to operate efficiently, maintain prudence in its management of credit risk as well as preserve its sound corporate governance and risk management practices,” said Public Bank.

Additionally, the bank added that it would continue to provide further assistance to customers who may continue to face financial constraints, including support for small and medium enterprises.

“Amid uncertainties in financial markets, the Public Bank Group’s treasury operations will remain vigilant in its business approach and will continue to maintain a prudent risk profile,” it said.

Managing director and CEO Tay Ah Lek said that the group was cognisant of the existing challenges and evolving landscape.

“The group will remain focused on cost discipline, preservation of sound asset quality and upholding strong corporate governance to safeguard its resilience against adversity,” he said.

At market close, Public Bank’s share price dropped 0.8% or 3 sen to RM3.89, giving it a market capitalisation of RM75.51 billion.