Public Bank : 2024 First Quarter Financial Results

PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2024

		Group		Bank
		31 March		31 December		31 March		31 December
	Note	2024	2023	2024	2023
		RM'000		RM'000		RM'000		RM'000
ASSETS		9,404,164			5,708,151
Cash and balances with banks		11,127,417	8,045,976
Reverse repurchase agreements		3,777	851	3,777	851
Financial assets at fair value through		3,778,493			2,020,650
profit or loss	A8	2,637,648	723,630
Derivative financial assets	A28	397,162	414,811	386,710	409,372
Financial investments at fair value through		57,624,014			36,169,866
other comprehensive income	A9	54,138,308	34,333,301
Financial investments at amortised cost	A10	28,934,767	29,955,413	20,611,100	21,342,381
Loans, advances and financing	A11	401,034,513	394,749,979	299,928,106	296,192,586
Other assets	A12	4,647,742	3,501,689	3,272,996	3,088,328
Statutory deposits with Central Banks		7,451,204	7,526,753	5,045,396	5,169,488
Deferred tax assets		501,542	567,305	294,897	356,565
Collective investments		-	-	6,515,318	6,457,102
Investment in subsidiary companies		-	-	7,083,311	6,794,603
Investment in associated companies		156,533	141,743	67,500	67,500
Investment properties		753,685	744,960	-	-
Right-of-use assets		1,266,965	1,243,436	996,898	1,011,091
Property and equipment		1,241,809	1,258,084	568,179	591,335
Intangible assets		2,634,101		2,589,600		695,393		695,393
TOTAL ASSETS		519,830,471		510,597,997		389,368,248		385,279,502
LIABILITIES		420,180,163			310,656,150
Deposits from customers	A13	412,896,967	305,059,591
Deposits from banks and other		14,583,884			13,594,269
financial institutions	A14	12,602,429	13,814,884
Obligations on securities sold under		2,351,490			2,351,490
repurchase agreements		3,017,789	2,920,263
Bills and acceptances payable		214,942	192,169	214,295	189,783
Recourse obligations on loans		5,100,015			4,000,015
and financing sold to Cagamas		5,100,015	4,000,015
Derivative financial liabilities	A28	145,428	354,450	158,343	375,941
Debt securities issued and other		11,240,705			8,576,861
borrowed funds	B9	11,144,016	8,498,499
Lease liabilities		923,114	904,324	1,053,675	1,065,478
Other liabilities	A15	8,138,045	7,426,548	5,463,742	5,365,686
Provision for tax expense and zakat		525,480	484,975	465,896	408,522
Deferred tax liabilities		95,058		94,197		-		-
TOTAL LIABILITIES		463,498,324		454,217,879		346,534,736		341,698,662

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

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PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2024

		Group		Bank
		31 March		31 December		31 March		31 December
	Note	2024	2023	2024	2023
		RM'000		RM'000		RM'000		RM'000
EQUITY		9,417,653			9,417,653
Share capital		9,417,653	9,417,653
Regulatory reserves		785,884	723,829	757,193	682,723
Other reserves		2,286,447	2,085,743	595,982	401,415
Retained profits		42,096,932		42,447,124		32,062,684		33,079,049
Equity attributable to equity		54,586,916	54,674,349	42,833,512	43,580,840
holders of the Bank
Non-controlling interests		1,745,231		1,705,769		-		-
TOTAL EQUITY		56,332,147	56,380,118		42,833,512	43,580,840
TOTAL LIABILITIES AND
EQUITY		519,830,471	510,597,997	389,368,248	385,279,502
COMMITMENTS AND
CONTINGENCIES	A27	120,357,779	121,325,677	107,551,252	109,110,256
CAPITAL ADEQUACY	A30
Before deducting interim dividends*		14.483%			13.032%
Common Equity Tier I Capital Ratio		15.235%	13.875%
Tier I Capital Ratio		14.501%	15.253%	13.032%	13.875%
Total Capital Ratio		17.369%		18.146%		16.135%		16.990%
After deducting interim dividends*		14.483%			13.032%
Common Equity Tier I Capital Ratio		14.654%	13.112%
Tier I Capital Ratio		14.501%	14.672%	13.032%	13.112%
Total Capital Ratio		17.369%	17.564%	16.135%	16.227%
Net assets per share
attributable to ordinary equity
holders of the Bank (RM)		2.81		2.82		2.21		2.25

* Refer to dividends declared subsequent to the financial period / year end.

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

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PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF PROFIT OR LOSS

FOR THE 1ST QUARTER AND FINANCIAL PERIOD ENDED 31 MARCH 2024

		1st Quarter Ended		Three Months Ended
		31 March		31 March		31 March		31 March
	Note	2024	2023	2024	2023
Group		RM'000		RM'000		RM'000		RM'000
Operating revenue		6,794,723		6,123,237		6,794,723		6,123,237
Interest income	A16	4,667,292	4,329,222	4,667,292	4,329,222
Interest expense	A17	(2,349,761)	(2,069,801)	(2,349,761)	(2,069,801)
Net interest income		2,317,531		2,259,421		2,317,531		2,259,421
Net income from Islamic banking business	A31 (b)	413,255	397,115	413,255	397,115
		2,730,786		2,656,536		2,730,786		2,656,536
Fee and commission income	A18 (a)	830,328	724,565	830,328	724,565
Fee and commission expense	A18 (b)	(295,860)	(242,234)	(295,860)	(242,234)
Net fee and commission income	A18	534,468		482,331		534,468		482,331
Net gains and losses on financial		15,089			15,089
instruments	A19	44,894	44,894
Other operating income	A20	100,078	119,361	100,078	119,361
Net income		3,380,421		3,303,122		3,380,421		3,303,122
Other operating expenses	A21	(1,198,123)	(1,094,154)	(1,198,123)	(1,094,154)
Operating profit before impairment losses		2,182,298		2,208,968		2,182,298		2,208,968
Allowance for impairment on		(63,395)			(63,395)
loans, advances and financing	A22	(1,544)	(1,544)
(Allowance) / Writeback of allowance		(1,417)			(1,417)
for impairment on other assets	A23	1,719	1,719
Share of profit / (loss) after tax of equity		2,117,486		2,209,143		2,117,486		2,209,143
	14,221			14,221
accounted associated companies		(160)	(160)
Profit before tax expense and zakat		2,131,707		2,208,983		2,131,707		2,208,983
Tax expense and zakat	B5	(474,579)	(485,978)	(474,579)	(485,978)
Profit for the period		1,657,128		1,723,005		1,657,128		1,723,005
Profit for the period attributable to:		1,653,349			1,653,349
- Equity holders of the Bank		1,713,963	1,713,963
- Non-controlling interests		3,779	9,042	3,779	9,042
		1,657,128		1,723,005		1,657,128		1,723,005
Earnings per share:		8.52				8.52
- basic / diluted (sen)	B12		8.83		8.83

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

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PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE 1ST QUARTER AND FINANCIAL PERIOD ENDED 31 MARCH 2024

	1st Quarter Ended		Three Months Ended
	31 March		31 March		31 March		31 March
	2024	2023	2024	2023
Group	RM'000		RM'000		RM'000		RM'000
Profit for the period	1,657,128	1,723,005	1,657,128	1,723,005
Other comprehensive income / (loss):
Items that will not be reclassified
subsequently to profit or loss:
Net change in revaluation of	48			48
equity instruments	27	27
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences in respect of:	246,234			246,234
- Foreign operations	8,865	8,865
- Net investment hedge	(88,873)	8,516	(88,873)	8,516
Net change in revaluation of financial investments	78,974			78,974
at fair value through other comprehensive income	503,966	503,966
Net change in cash flow hedges	17,232	(41,901)	17,232	(41,901)
	253,567		479,446		253,567		479,446
Income tax effect	(17,829)	(98,658)	(17,829)	(98,658)
Share of changes in associated companies' reserves	568	1,888	568	1,888
Other comprehensive income
236,354			236,354
for the period, net of tax	382,703	382,703
Total comprehensive income for
the period	1,893,482	2,105,708	1,893,482	2,105,708
Total comprehensive income
for the period attributable to:	1,853,636			1,853,636
- Equity holders of the Bank	2,100,107	2,100,107
- Non-controlling interests	39,846	5,601	39,846	5,601
	1,893,482		2,105,708		1,893,482		2,105,708

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

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PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF PROFIT OR LOSS

FOR THE 1ST QUARTER AND FINANCIAL PERIOD ENDED 31 MARCH 2024

		1st Quarter Ended		Three Months Ended
		31 March		31 March		31 March		31 March
	Note	2024	2023	2024	2023
Bank		RM'000		RM'000		RM'000		RM'000
Operating revenue		4,490,847		4,293,618		4,490,847		4,293,618
Interest income	A16	4,072,000	3,804,124	4,072,000	3,804,124
Interest expense	A17	(2,157,386)	(1,887,623)	(2,157,386)	(1,887,623)
Net interest income		1,914,614		1,916,501		1,914,614		1,916,501
Fee and commission income	A18 (a)	366,573	303,782	366,573	303,782
Fee and commission expense	A18 (b)	(165,953)	(132,162)	(165,953)	(132,162)
Net fee and commission income	A18	200,620		171,620		200,620		171,620
Net gains and losses on financial		12,818			12,818
instruments	A19	42,379	42,379
Other operating (loss) / income	A20	(80,192)	189,250	(80,192)	189,250
Net income		2,047,860		2,319,750		2,047,860		2,319,750
Other operating expenses	A21	(741,321)	(687,984)	(741,321)	(687,984)
Operating profit before impairment losses		1,306,539		1,631,766		1,306,539		1,631,766
Writeback of allowance for impairment on		26,300			26,300
loans, advances and financing	A22	69,153	69,153
(Allowance) / Writeback of allowance		(370)			(370)
for impairment on other assets	A23	3,337	3,337
Profit before tax expense and zakat		1,332,469		1,704,256		1,332,469		1,704,256
Tax expense and zakat	B5	(332,878)		(387,382)		(332,878)		(387,382)
Profit for the period		999,591		1,316,874		999,591		1,316,874

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

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PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE 1ST QUARTER AND FINANCIAL PERIOD ENDED 31 MARCH 2024

	1st Quarter Ended		Three Months Ended
	31 March		31 March		31 March		31 March
	2024	2023	2024	2023
Bank	RM'000		RM'000		RM'000		RM'000
Profit for the period	999,591	1,316,874	999,591	1,316,874
Other comprehensive income / (loss):
Items that will not be reclassified
subsequently to profit or loss:
Net change in revaluation of	165			165
equity instruments	7	7
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences in	159,912			159,912
respect of foreign operations	11,414	11,414
Net change in revaluation of financial investments	35,091			35,091
at fair value through other comprehensive income	329,412	329,412
Net change in cash flow hedges	9,741	(30,917)	9,741	(30,917)
	204,744		309,909		204,744		309,909
Income tax effect	(10,759)	(71,639)	(10,759)	(71,639)
Other comprehensive income
194,150			194,150
for the period, net of tax	238,277	238,277
Total comprehensive income for
the period	1,193,741		1,555,151		1,193,741		1,555,151

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

6

PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

	<--------------- Attributable to Equity Holders of the Bank ----------------->
			Non-distributable		Distributable
									Total		Non-
	Share		Regulatory		Other		Retained		Shareholders'		controlling		Total
	Capital		Reserves		Reserves		Profits		Equity		Interests		Equity
Group	RM'000		RM'000		RM'000		RM'000		RM'000		RM'000		RM'000
At 1 January 2024	9,417,653	723,829	2,085,743	42,447,124	54,674,349	1,705,769	56,380,118
Profit for the period	-	-	-	1,653,349	1,653,349	3,779	1,657,128
Other comprehensive income for the period	-	-	200,287	-	200,287	36,067	236,354
Total comprehensive income for the period	-		-		200,287		1,653,349		1,853,636		39,846		1,893,482
Transactions with owners / other equity movements:	-	-	-	-	-	2,146	2,146
Net increase during the period
Transfer to statutory reserves	-	-	417	(417)	-	-	-
Transfer to regulatory reserves	-	62,055	-	(62,055)	-	-	-
Dividends paid	-	-	-	(1,941,069)	(1,941,069)	(2,530)	(1,943,599)
	-		62,055		417		(2,003,541)		(1,941,069)		(384)		(1,941,453)
At 31 March 2024
9,417,653	785,884	2,286,447	42,096,932	54,586,916	1,745,231	56,332,147

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

7

PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

	<--------------- Attributable to Equity Holders of the Bank ----------------->
			Non-distributable		Distributable		Total		Non-
	Share		Regulatory		Other		Retained		Shareholders'		controlling		Total
	Capital		Reserves		Reserves		Profits		Equity		Interests		Equity
Group	RM'000		RM'000		RM'000		RM'000		RM'000		RM'000		RM'000
At 1 January 2023	9,417,653	314,153	1,188,430	39,258,985	50,179,221	1,346,587	51,525,808
Profit for the period	-	-	-	1,713,963	1,713,963	9,042	1,723,005
Other comprehensive income / (loss) for the period	-	-	386,144	-	386,144	(3,441)	382,703
Total comprehensive income for the period	-		-		386,144		1,713,963		2,100,107		5,601		2,105,708
Transactions with owners /
other equity movements:
Transfer to statutory reserves	-	-	241	(241)	-	-	-
Transfer to regulatory reserves	-	114,781	-	(114,781)	-	-	-
Dividends paid	-	-	-	(970,535)	(970,535)	-	(970,535)
	-		114,781		241		(1,085,557)		(970,535)		-		(970,535)
At 31 March 2023
9,417,653	428,934	1,574,815	39,887,391	51,308,793	1,352,188	52,660,981

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

8

PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

	<--------------- Attributable to Equity Holders of the Bank ----------------->
			Non-distributable		Distributable
	Share		Regulatory		Other		Retained		Total
	Capital		Reserves		Reserves		Profits		Equity
Bank	RM'000		RM'000		RM'000		RM'000		RM'000
At 1 January 2024	9,417,653	682,723	401,415	33,079,049	43,580,840
Profit for the period	-	-	-	999,591	999,591
Other comprehensive income for the period	-	-	194,150	-	194,150
Total comprehensive income for the period	-		-		194,150		999,591		1,193,741
Transactions with owners / other equity movements:	-	-	417	(417)	-
Transfer to statutory reserves
Transfer to regulatory reserves	-	74,470	-	(74,470)	-
Dividends paid	-	-	-	(1,941,069)	(1,941,069)
	-		74,470		417		(2,015,956)		(1,941,069)
At 31 March 2024
9,417,653	757,193	595,982	32,062,684	42,833,512

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

9

PUBLIC BANK BERHAD

Company Registration No.: 196501000672 (6463-H)

(Incorporated in Malaysia)

CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

	<--------------- Attributable to Equity Holders of the Bank ----------------->
			Non-distributable		Distributable
	Share		Regulatory		Other		Retained		Total
	Capital		Reserves		Reserves		Profits		Equity
Bank	RM'000		RM'000		RM'000		RM'000		RM'000
At 1 January 2023	9,417,653	257,054	269,926	30,783,281	40,727,914
Profit for the period	-	-	-	1,316,874	1,316,874
Other comprehensive income for the period	-	-	238,277	-	238,277
Total comprehensive income for the period	-		-		238,277		1,316,874		1,555,151
Transactions with owners / other equity movements:
Transfer to statutory reserves	-	-	241	(241)	-
Transfer to regulatory reserves	-	107,419	-	(107,419)	-
Dividends paid	-	-	-	(970,535)	(970,535)
	-		107,419		241		(1,078,195)		(970,535)
At 31 March 2023
9,417,653	364,473	508,444	31,021,960	41,312,530

The Condensed Interim Financial Statements should be read in conjunction with the annual audited financial statements of the Group and of the Bank for the year ended 31 December 2023.

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