QUARTERLY RESULTS
| Quarter Ending | Jun-24 | Sep-24 | Dec-24 | Mar-25 | Jun-25 | Sep-25 | Dec-25 |
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Interest Income | 4,698,234 | 4,718,530 | 4,787,045 | 4,750,782 | 4,752,188 | 4,692,451 | 4,700,359 |
| Interest Expense | (2,380,260) | (2,312,214) | (2,377,760) | (2,370,430) | (2,341,514) | (2,321,658) | (2,278,492) |
| Net Interest | 2,317,974 | 2,406,316 | 2,409,285 | 2,380,352 | 2,410,674 | 2,370,793 | 2,421,867 |
| Islamic Banking Income | 416,990 | 437,540 | 439,215 | 448,110 | 462,864 | 466,604 | 461,810 |
| Insurance Services | 35,434 | 78,703 | 87,170 | 98,734 | 83,070 | ||
| Net finance expense from insurance contracts | (6,246) | (10,039) | (9,780) | (10,220) | (10,503) | ||
| Other Operating Income | 674,751 | 733,879 | 765,115 | 703,444 | 700,686 | 798,869 | 761,946 |
| Other Operating Expenses | (1,199,377) | (1,223,989) | (1,206,643) | (1,259,473) | (1,299,492) | (1,268,659) | (1,301,078) |
| Loan Impairments | (4,357) | 16,214 | (439,121) | (43,358) | (34,118) | (10,791) | |
| Other Impairments/Writebacks | 525 | (4,508) | 12,630 | ||||
| Associates | 74,068 | 78,948 | 73,926 | 14,812 | 15,110 | 11,757 | 14,342 |
| Profit Before Tax | 2,280,049 | 2,448,908 | 2,070,965 | 2,312,551 | 2,333,639 | 2,452,579 | 2,444,084 |
| Tax Expense | (499,612) | (537,090) | (401,284) | (519,605) | (527,515) | (544,721) | (543,903) |
| Profit After Tax | 1,780,437 | 1,911,818 | 1,669,681 | 1,792,946 | 1,806,124 | 1,907,858 | 1,900,181 |
| Non-controlling Interests | 1,226 | 719 | 129,801 | (47,626) | (45,948) | (65,232) | (23,881) |
| Net Profit After Tax | 1,781,663 | 1,912,537 | 1,799,482 | 1,745,320 | 1,760,176 | 1,842,626 | 1,876,300 |
| Diluted EPS (sen) | 9.18 | 9.85 | 9.29 | 9.04 | 9.11 | 9.54 | 9.72 |
| BALANCE SHEET | |||||||
| Gross Loans | 410,959,337 | 414,482,406 | 424,170,971 | 430,065,214 | 434,896,610 | 441,239,123 | 445,758,078 |
| Impaired Loans | (4,044,704) | (3,914,826) | (3,699,273) | (3,656,948) | (3,602,901) | (3,530,391) | (3,424,847) |
| Net Loans | 406,914,633 | 410,567,580 | 420,471,698 | 426,408,266 | 431,293,709 | 437,708,732 | 442,333,231 |
| Fin Assets (FV through P&L) | 2,821,890 | 1,448,887 | 4,001,101 | 4,292,877 | 4,298,857 | 4,875,136 | 3,978,524 |
| Fin Investm (FV through CI) | 54,912,953 | 53,453,994 | 53,918,467 | 53,351,710 | 47,979,844 | 48,831,237 | 50,198,502 |
| Fin Investm (Amortized) | 29,917,761 | 28,536,954 | 29,003,179 | 30,185,682 | 29,978,447 | 31,034,893 | 30,821,009 |
| Other Assets | 31,005,466 | 32,806,247 | 35,468,633 | 35,475,078 | 33,157,652 | 33,188,149 | 34,319,891 |
| Total Assets | 525,572,703 | 526,813,662 | 542,863,078 | 549,713,613 | 546,708,509 | 555,638,147 | 561,651,157 |
| Deposits from Customers | 424,850,861 | 425,094,709 | 433,264,270 | 437,055,900 | 440,939,099 | 446,209,286 | 447,113,622 |
| Deposits from Financial Institutions | 14,119,195 | 12,236,273 | 13,457,604 | 13,621,667 | 13,186,222 | 13,135,558 | 14,625,343 |
| Debt Securities | 11,237,145 | 10,815,943 | 11,014,507 | 10,360,040 | 9,343,296 | 11,930,843 | 12,649,937 |
| Other Liabilities | 17,328,672 | 21,610,376 | 25,479,707 | 29,472,749 | 22,504,930 | 23,866,847 | 24,820,647 |
| Total Liabilities | 467,535,873 | 469,757,301 | 483,216,088 | 490,510,356 | 485,973,547 | 495,142,534 | 499,209,549 |
| Net Assets | 58,036,830 | 57,056,361 | 59,646,990 | 59,203,257 | 60,734,962 | 60,495,613 | 62,441,608 |
| Share Capital | 9,417,653 | 9,417,653 | 9,417,653 | 9,417,653 | 9,417,653 | 9,417,653 | 9,417,653 |
| Shareholders Equity | 56,294,720 | 55,480,874 | 57,335,494 | 56,950,826 | 58,505,422 | 58,251,159 | 59,937,674 |
ANALYST RATINGS
Below is a summary of analyst ratings and forecasts for Public Bank as at 26 February 2026:
| Rating | Target Price |
EPS FY2026 (E) |
EPS FY2027 (E) |
DPS FY2026 (E) |
DPS FY2027 (E) |
Remarks | |
| Affin Hwang Investment Bank | Hold | 5.05 | 0.383 | 0.40 | 0.245 | 0.24 | Target Price raised from RM4.60 |
| Hong Leong Investment Bank | Buy | 5.50 | 0.40 | 0.42 | 0.239 | 0.25 | Target Price raised from RM5.10 |
| Maybank Investment Bank | Buy | 5.55 | 0.40 | 0.42 | 0.24 | 0.25 | Target Price raised from RM5.10 |
| RHB Investment Bank | Buy | 5.45 | 0.39 | 0.40 | 0.23 | 0.24 | Target Price raised from RM5.00 |
| UOB Kay Hian | Buy | 5.55 | 0.402 | 0.425 | 0.262 | 0.28 | |
| Average | 5.42 | 0.395 | 0.413 | 0.243 | 0.252 | ||
| *(E) = Estimate/Forecast | |||||||
Below is a summary of analyst ratings and forecasts for Public Bank as at 24 November 2025:
| Rating | Target Price |
EPS FY2025 (E) |
EPS FY2026 (E) |
DPS FY2025 (E) |
DPS FY2026 (E) |
Remarks | |
| Affin Hwang Investment Bank | Hold | 4.60 | 0.369 | 0.377 | 0.221 | 0.226 | Forecast EPS for FY25 and FY26 were reduced slightly |
| Hong Leong Investment Bank | Buy | 5.10 | 0.378 | 0.398 | 0.225 | 0.239 | Forecast DPS raised from 22.5 sen |
| Maybank Investment Bank | Buy | 5.10 | 0.37 | 0.39 | 0.22 | 0.24 | |
| RHB Investment Bank | Buy | 5.00 | 0.37 | 0.38 | 0.22 | 0.23 | Target Price raised from RM4.75, Forecast FY26 EPS reduced from 39 sen. |
| Average | 4.95 | 0.372 | 0.386 | 0.222 | 0.234 | ||
| *(E) = Estimate/Forecast | |||||||
Below is a summary of analyst ratings and forecasts for Public Bank as at 27 August 2025:
| Rating | Target Price |
EPS FY2025 (E) |
EPS FY2026 (E) |
DPS FY2025 (E) |
DPS FY2026 (E) |
Remarks | |
| Affin Hwang Investment Bank | Hold | 4.60 | 0.377 | 0.397 | 0.221 | 0.226 | Downgrade from Buy, TP downgraded from RM5.00 to RM4.60. |
| Hong Leong Investment Bank | Buy | 5.10 | 0.378 | 0.398 | 0.225 | 0.239 | |
| Maybank Investment Bank | Buy | 5.05 | 0.37 | 0.39 | 0.22 | 0.24 | |
| RHB Investment Bank | Neutral | 4.75 | 0.37 | 0.39 | 0.22 | 0.23 | |
| UOB Kay Hian | Buy | 5.25 | 0.375 | 0.397 | 0.225 | 0.239 | |
| Average | 4.95 | 0.374 | 0.394 | 0.222 | 0.235 | ||
| *(E) = Estimate/Forecast | |||||||
COMMENTARY
Public Bank Results Update 2025Q4 (DECEMBER 2025)
Results Announcement Date: 25 February 2026 (Closing Share Price: RM4.95)
Public Bank’s Net Profit of RM1.88 billion was up 4.2% from pcp with slight gains in Net Interest, Islamic Banking and Insurance Services Income qoq. A dividend of 12 sen per share was declared bringing full year payout to 22.5 sen against full year EPS of 37.4 sen. For FY2025:
- Net Profit clocked in at RM7.22 billion which is a 1.1% increases from FY2024. This includes a higher loan impairment provision of RM88 million for the year.
- Net Interest Income expanded from RM9.45 billion in FY2024 to RM9.54 billion in FY2025.
- Profit Before Tax, Impairments and Writebacks came in at RM9.62 bil. This is growth rate of 2.1% from RM9.42 bil in FY2024.
- Customer Deposits grew 3.2% from RM433.3 billion to RM447.1 billion, compared to loan growth of 5.1%.
- A slight weakening of Individual Deposits from RM226.5 bil to RM221.0 bil was offset by an increase in deposits from Business Enterprises from RM115.8 bil to RM129.5 bil.
- CASA Deposit Ratio (Demand Deposits & Savings Deposits) increased slightly from 27.8% to 28.0%.
Q4 Highlights
Operating Expenses were up 7.8% from pcp and a higher tax expense.
Cost-Income Ratio of 35.7%, together with previous quarter figure 34.9% reveals a concerning negative trend when compared to FY 2023 (33.8%) and 2024 (34.8%).
2026 Key Guidance maintained:
ROE of 12.0% to 13.0% (Net Profit of RM7.2 to RM7.8 billion / EPS of 37 to 40 sen)
Loan growth of 4% to 5%
Double-digit percentage growth in Non-Interest Income
Net Credit Cost in the single digit
Net Interest Margin slight compression bias
Dividend payout ratio of around 60%
However some analysts are flagging possible dividend upside for PBBank as management is expecting an even higher potential CET1 uplift of slightly above 1.0ppt with the Basel 3 reform adoption in July 2026 compared to its previous guidance of 0.5 to 1.0ppt. A 2026 CET1 uplift to 14.9% potentially would give the bank capacity of raise its dividend payout to 65%+ as compared to 60% currently while keeping CET1 above 13.5% to 14%. in line management’s comfort level.
Further Reading:
BNM’s proposed capital requirement increase for banks credit positive — Moody’s (TheEdge 9/4/19)
A boon for Public Bank (TheStar 5/3/26)
Banks’ dividend guidance fails to excite but analysts still expect some positive surprises ahead (TheEdge 14/3/26)
Public Bank Results Update 2025Q3 (SEPTEMBER 2025)
Results Announcement Date: 17 November 2025 (Closing Share Price: RM4.30)
Public Bank’s Net Profit was down 3.6% from pcp on a slightly lower Net Interest Income, Associates income and higher provisioning. These were partially offset by higher contribution from Insurance Services and Other Operating Income.
- Cost-Income Ratio of 34.9%, while commendable compared to March & June 2025 quarter of 35.7% and 36.4% respectively, shows a more concerning trend emerging when compared to FY 2023 (33.8%) and 2024 (34.8%).
- Since 31/12/25, Net Loans were up by 4.1% while Customer Deposits grew 3.0%.
- Year-to-date (9 months to 30/9/25), Net Profit was flat compared to pcp.
- Loan growth target of 5-6% maintained.
- NIM compression of 5bps to 10bps expected.
- ROE guidance tweaked down slightly to 12.5-13% on concerns over NIM and continued competitive pressure on asset yields and funding costs.
According to RHB Research:
- PBB wrote back another RM68m of management overlays, bringing the YTD total to around RM300m and leaving a remainder of around RM1 billion. Previously it wrote back RM158m in overlays during Q2.
- Upcoming changes to credit risk capital framework will see PBB sitting on a significant amount of excess capital that can be returned to shareholders and help lift long-term ROEs.
Public Bank Results Update 2025Q2 (JUNE 2025)
Results Announcement Date: 26 August 2025 (Closing Share Price: RM4.42)
Public Bank’s results were dragged by higher costs and provisions. FY2025H1 ROE was 12.6% compared to 13.2% in 2024) and was slightly below management’s target of 13% for 2025.
- Profit Before Tax (PBT) of RM2.33 billion was up 2.3% from pcp.
- Net Profit of RM1.76 billion was down 1.2% from pcp.
- For the 6 months ending 30/6/25 PBT and Net Profit were up 5.3% and 2.1% respectively.
- Wrote back MYR158m in overlays during the quarter (1H25: MYR216m writeback), remaining management overlays stand at around RM1 billion.
- Target ROE of 13% for FY25 maintained, so far it is running at around 12.5%
- Slight uptick in Cost-to-Income Ratio to 35.3% (there is a one-off legal cost of RM30m).
- Net Loans grew 6.0% while Customer Deposits grew 3.8% over the 12 months period.
- PBB declared a 10.5 sen dividend which was 0.5 sen higher than pcp.