In a Facebook post, Anwar said he did not condemn profit-making but was suspicious at how banks were profiteering during a time of crisis.

He pointed out how bankers had previously said that extending the loan moratorium may disrupt the banking sector and potentially upend the entire financial system.

“Now, we are told the banking sector is gearing for renewed profitability in 2021 and has given pay raises to senior executives, some as high as 58%.

“The CEO of at least one GLC (government-linked company) bank earned a 10% boost in salary.

“If 2020 bank profits can support a 10% salary boost for top executives, were rank and file employees also rewarded with a commensurate salary increase?” he asked.

He also asked at what point in 2020 were a bank’s profits deemed adequate to support such large increases in salaries, bonuses and shareholder dividends but not large enough to support sustained loan moratoriums for struggling families.

The former finance minister claimed the Perikatan Nasional-led (PN) government sided with banks when they opted to support a targeted loan moratorium which would inevitably disadvantage families and businesses lacking the wherewithal and capacity to satisfy complex bank procedures on short notice.

He said the extent of the negative impact of this targeted approach on the economy, jobs and the livelihood of struggling families were still not known.

“What is most distressing is that the PN government called a mobilisation of all of society to cushion the impact of the pandemic, which should include corporate and GLC executives sharing in the pain of their employees and customers,” he said.

Anwar added the PN government appears content knowing that some Malaysians, particularly the most vulnerable, are forced to bear a greater share of the burden, while others who are more privileged appear to be “back in business as usual”.