PUBLIC BANK BERHAD (PBBANK 1295)
SNAPSHOT
| YE 31-Dec | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Profit Before Tax (RM mil) | 6,285 | 7,367 | 8,831 | 8,539 | 8,932 | 9,543 |
| Net Profit After Tax (RM mil) | 4,872 | 5,657 | 6,119 | 6,649 | 7,147 | 7,224 |
| EPS (RM) | 0.251 | 0.2914 | 0.3153 | 0.3426 | 0.3684 | 0.374 |
| DPS (RM) | 0.13 | 0.152 | 0.17 | 0.19 | 0.21 | 0.23 |
| Net Loans (RM mil) | 342,803 | 354,053 | 372,583 | 394,750 | 420,472 | 442,333 |
| Customer Deposits (RM mil) | 365,871 | 380,394 | 394,718 | 412,897 | 433,264 | 447,114 |
| Shareholders Funds (RM mil) | 47,248 | 48,163 | 50,179 | 54,674 | 57,335 | 59,938 |
| Net Assets / Total Assets (%) | 10.7% | 10.7% | 10.4% | 11.0% | 11.0% | 11.1% |
| NTA per share (RM) | 11.55 | 2.35 | 2.45 | 2.68 | 2.81 | 2.93 |
| No of Shares (millions) | 3,882.1 | 19,411 | 19,411 | 19,411 | 19,411 | 19,411 |
| Share Price – Close (RM) | 20.60 | 4.16 | 4.32 | 4.29 | 4.56 | 4.54 |
| Financial Ratios (%) | ||||||
| Return on Av Equity | 10.7% | 11.9% | 12.4% | 12.7% | 12.8% | 12.3% |
| Cost to Income Ratio | 34.6% | 31.6% | 31.5% | 33.7% | 34.5% | 35.6% |
| Loan to Deposit Ratio | 94.5% | 94.1% | 95.5% | 96.6% | 97.9% | 99.7% |
| Impaired Loans | 0.8% | 1.1% | 1.1% | 1.1% | 0.9% | 0.8% |
| Net Interest / Total Interest Income | 50.6% | 61.7% | 61.4% | 50.2% | 50.1% | 51.0% |
| Interest Income / Av Net Loans | 4.23% | 3.87% | 4.11% | 4.70% | 4.63% | 4.38% |
SHARE TRADING SUMMARY CY2025
| Share Price - High | RM4.70 |
| Share Price - Low | RM4.03 |
| Share Price - Close @ 31/12/25 | RM4.54 |
| Average Daily Volume | 16,932,838 shares |
| Volume - High | 67,040,797 shares |
| Volume - Low | 3,001,900 shares |
| Total Annual Volume | 4,131,612,492 shares |
|
Annual Turnover (% of Share Capital) |
21.3% |
TOP SHAREHOLDERS
| As at 27 February 2026 | Direct | Deemed |
| Estate of the late Tan Sri Teh HP | 0.64% | 21.38% |
| Consolidated Teh Holdings Sdn Bhd | 21.38% | - |
| Employees Provident Fund Board | 17.97% | - |
| Kumpulan Wang Persaraan (Diperbadankan) | 4.86% | 0.23% |
| Total | 44.85% |
KEY STRENGTHS
Public Bank is a market leader in retail banking in Malaysia. For the year ending 31/12/24, Retail Banking Operations generated RM4.4 billion in Profit Before Tax (PBT), which is surpassed only by Maybank’s Community Financial Services segment which generated RM6.2 billion PBT for the same period, while ahead of CIMB Group’s Consumer Banking segment at RM2.8 billion PBT. Through its 100% owned subsidiary Public Mutual Berhad, Public Bank is Malaysia’s market leader in Funds Management with more than RM100 billion in Assets Under Management, generating RM798 million PBT for the group.
Public Bank is a relatively small player in commercial and investment banking and its overseas earnings is mainly through Public Bank Cambodia which generated a relatively modest RM342 million in PBT for 2023.
“If a shareholder of Public Bank bought 1,000 shares in 1967 when Public Bank was listed, and assuming that the shareholder subscribed to all rights issues and did not sell any of the shares, he would have accumulated 744,690 shares worth RM3.2 million based on Public Bank’s share price of RM4.29 as at the end of 2023. In addition, he would have received a total gross dividend of RM1.9 million whilst having only invested a capital outlay of RM235,612, including subscription for all rights issues. Total dividends received and appreciation in share value translate to a remarkable compounded annual rate of return of 17.7% for each of the 56 years that this shareholder has held the share in Public Bank since it was listed in 1967.”
Source: Public Bank Berhad 2023 Annual Report (Page 65)
SEGMENT EARNINGS (RM mil)
| FY 2024 | FY 2025 | |
| Hire Purchase | 1,048 | 665 |
| Retail Operations | 4,446 | 4,677 |
| Corporate Lending | 843 | 851 |
| Treasury & Capital Markets | 290 | 308 |
| Investment Banking | 93 | 65 |
| Funds Management | 860 | 851 |
| Others | 33 | 394 |
| Head Office & Funding | 1,209 | 1,224 |
| Hong Kong | (594) | 65 |
| Cambodia | 374 | 300 |
| Other Countries | 89 | 87 |
| Associates | 241 | 56 |
| Profit Before Tax | 8,932 | 9,543 |
LOAN SEGMENTATION
FINANCIALS
|
(RM '000) Year Ending |
2023 31-Dec |
2024 31-Dec |
2025 31-Dec |
| Revenue | 25,415,010 | 27,205,162 | 29,509,548 |
| Interest Income | 18,040,197 | 18,871,101 | 18,895,780 |
| Interest Expense | (8,984,905) | (9,419,995) | (9,312,094) |
| Net Interest | 9,055,292 | 9,451,106 | 9,583,686 |
| Islamic Banking Income | 1,561,548 | 1,707,000 | 1,839,388 |
| Insurance Service Result | 0 | 35,434 | 347,677 |
| Net Finance Expense from Insurance Contracts | 0 | (6,246) | (40,542) |
| Other Operating Income | 2,475,747 | 2,823,380 | 2,964,945 |
| Other Operating Expenses | (4,414,788) | (4,828,132) | (5,128,702) |
| Impairment on Loans, Advances and Financing | (156,689) | (565) | (66,830) |
| Impairment on Other Assets | (1,278) | (491,511) | (12,790) |
| Share of Results of Associates & JV | 18,956 | 241,163 | 56,021 |
| Profit Before Tax from Continuing Operations | 8,538,788 | 8,931,629 | 9,542,853 |
| Tax Expense | (1,883,775) | (1,912,565) | (2,135,744) |
| PAT from Continuing Operations | 6,655,013 | 7,019,064 | 7,407,109 |
| Profit After Tax | 6,655,013 | 7,019,064 | 7,407,109 |
| Non-Controlling Interests | (5,699) | 127,967 | (182,687) |
| Net Profit After Tax | 6,649,314 | 7,147,031 | 7,224,422 |
| EPS Basic / Diluted (sen) | 34.26 | 36.84 | 37.41 |
|
(RM '000) Year Ending |
2023 31-Dec |
2024 31-Dec |
2025 31-Dec |
| Net Loans | 394,749,979 | 420,471,698 | 442,333,231 |
| Cash & Deposits with Financial Institutions | 11,127,417 | 15,468,967 | 16,828,730 |
| Fin Assets (FVPL) | 2,637,648 | 4,001,101 | 3,978,524 |
| Fin Assets (FVCI) | 54,138,308 | 53,918,467 | 50,198,502 |
| Fin Investments (Amortized) | 29,955,413 | 29,003,179 | 30,821,009 |
| Derivative Financial Instruments | 414,811 | 568,069 | 224,574 |
| Statutory Deposits | 7,526,753 | 7,650,252 | 4,441,274 |
| Intangible Assets | 2,589,600 | 2,799,350 | 3,085,617 |
| Right-Of-Use Assets | 1,243,436 | 1,225,507 | 1,215,244 |
| Associates & JV | 141,743 | 384,051 | 441,227 |
| Other Assets | 6,072,889 | 7,372,437 | 8,083,225 |
| Total Assets | 510,597,997 | 542,863,078 | 561,651,157 |
| Deposits from Customers | 412,896,967 | 433,264,270 | 447,113,622 |
| Deposits from Financial Institutions | 12,602,429 | 13,457,604 | 14,625,343 |
| Obligations on Securities Sold under Repurchase Agmts | 3,017,789 | 8,129,570 | 5,624,576 |
| Bills and Acceptances Payable | 192,169 | 263,403 | 155,667 |
| Recourse Obligations on Loans Sold to Cagamas | 5,100,015 | 5,000,015 | 6,200,017 |
| Derivative Financial Liabilities | 354,450 | 353,146 | 641,642 |
| Insurance Contract Liabilities | 0 | 2,256,984 | 2,387,044 |
| Debt Securities & Borrowings | 11,144,016 | 11,014,507 | 12,649,937 |
| Lease Liabilities | 904,324 | 918,482 | 906,189 |
| Other Liabilities | 8,005,720 | 8,558,107 | 8,905,512 |
| Total Liabilities | 454,217,879 | 483,216,088 | 499,209,549 |
| NET ASSETS | 56,380,118 | 59,646,990 | 62,441,608 |
| Share Capital | 9,417,653 | 9,417,653 | 9,417,653 |
| Retained Profits | 42,447,124 | 44,811,446 | 47,205,232 |
| Regulatory Reserves | 723,829 | 1,591,435 | 2,257,273 |
| Treasury Shares | 0 | (434,752) | (434,752) |
| Other Reserves | 2,085,743 | 1,949,712 | 1,492,268 |
| Shareholder Funds | 54,674,349 | 57,335,494 | 59,937,674 |
| Non-Controlling Interests | 1,705,769 | 2,311,496 | 2,503,934 |
| TOTAL EQUITY | 56,380,118 | 59,646,990 | 62,441,608 |
| No of Shares (Thousands) | 19,410,692 | 19,410,692 | 19,410,692 |
| Weighted Av Shares (Thousands) | 19,410,692 | 19,402,454 | 19,313,432 |
|
(RM '000) Year Ending |
2023 31-Dec |
2024 31-Dec |
2025 31-Dec |
| Profit Before Tax | 8,538,788 | 8,931,629 | 9,542,853 |
| Non-Cash Items (Depreciation, Share of Associates, Loan Impairments & Other Items) | 667,523 | 707,861 | 407,821 |
| Operating Profit Before Working Capital Changes | 9,206,311 | 9,639,490 | 10,013,674 |
| Loans, Advances and Financing | (22,592,185) | (25,909,832) | (22,132,866) |
| Movement in Other Operating Assets | (845,352) | (145,042) | 3,101,722 |
| Deposits from Customers | 18,178,210 | 20,367,303 | 13,849,352 |
| Movement in Other Operating Liabilities | (4,441,026) | 6,329,814 | 787,394 |
| Income Tax Expense and Zakat Paid | (2,345,300) | (2,052,094) | (2,007,768) |
| Other Operating Items | 3,342 | 24,881 | (70,327) |
| Cash Flow from Operating Activities | (2,836,000) | 8,254,520 | 3,541,181 |
| Net Purchase of Property Plant & Equipment | (306,732) | (182,534) | (266,402) |
| Net Sale/(Purchase) of Fin Investments | (2,889,644) | 1,609,730 | 2,426,196 |
| Acquisition of Subsidiaries | - | (1,504,980) | - |
| Other Investing Items | 353,655 | (74,363) | 12,548 |
| Cash Flow from Investing Activities | (2,842,721) | (152,147) | 2,172,342 |
| Dividends Paid to Shareholders | (2,717,497) | (3,882,138) | (4,152,388) |
| Dividends Paid to Non-Controlling Interests | (6,872) | (10,161) | (172,754) |
| Repayment of Lease Liabilities | (87,443) | (89,808) | (96,605) |
| Net Issuance/(Redemption) of Debt Securities | (1,011,155) | (1,620) | 2,508,584 |
| Repayment of Other Borrowings | - | - | (626,822) |
| Cash Flow from Financing Activities | (3,822,967) | (3,983,727) | (2,539,985) |
| Net Cash Flow | (9,501,688) | 4,118,646 | 3,173,538 |
| Effects of Exchange Rate Changes | (1,569,269) | (432,703) | (1,136,026) |
Income & Cost Metrics
| Year Ending |
2023 31-Dec |
2024 31-Dec |
2025 31-Dec |
| (RM'000) | |||
| Interest Income | 18,040,197 | 18,871,101 | 18,895,780 |
| Interest Expense | (8,984,905) | (9,419,995) | (9,312,094) |
| Net Interest | 9,055,292 | 9,451,106 | 9,583,686 |
| Islamic Banking Income | 1,561,548 | 1,707,000 | 1,839,388 |
| Insurance Service Result | 0 | 35,434 | 347,677 |
| Net Finance Expense from Insurance Contracts | 0 | (6,246) | (40,542) |
| Other Operating Income* | 2,475,747 | 2,823,380 | 2,964,945 |
| Total Operating Income | 13,092,587 | 14,010,674 | 14,695,154 |
| Operating Cost** | (4,414,788) | (4,828,132) | (5,128,702) |
| Cost-to-Income Ratio (%) | 33.7% | 34.5% | 35.60% |
| Year Ending |
2023 31-Dec |
2024 31-Dec |
2025 31-Dec |
| *Other Operating Income (RM'000) | |||
| Fee & Commission Income (Net) | 1,949,847 | 2,187,020 | 2,225,565 |
| Realised Gain/(Loss) on Fin Instruments | 70,368 | 47,997 | 174,321 |
| Unrealised Gain/(Loss) on Fin Instruments | (28,569) | 69,908 | (8,553) |
| Dividend Income | 5,235 | 11,141 | 59,834 |
| Foreign Exchange Gain/(Loss) | 360,755 | 392,126 | 412,949 |
| Other Income | 118,111 | 115,188 | 100,829 |
| Total | 2,475,747 | 2,823,380 | 2,964,945 |
| Annual Report Ref (PDF Page) |
Note 33 to 35 (p294-296) |
Note 35 to 37 (p140-142) |
Note 35 to 37 (p152-154) |
| Year Ending |
2023 31-Dec |
2024 31-Dec |
2025 31-Dec |
| **Operating Cost (RM'000) | |||
| Personnel Costs | (3,196,151) | (3,551,060) | (3,696,022) |
| Establishment Costs | (818,156) | (859,457) | (912,335) |
| Marketing Expenses | (109,805) | (122,984) | (145,548) |
| Administration and General Expenses | (290,676) | (294,631) | (374,797) |
| Total Operating Cost | (4,414,788) | (4,828,132) | (5,128,702) |
| Annual Report Ref (PDF Page) | Note 36 (p297) | Note 38 (p143) | Note 38 (p155) |
| Profit Before Tax (RM'000) | 8,538,788 | 8,931,629 | 9,542,853 |
| Personnel Costs / Profit Before Tax (%) | 37.4% | 39.8% | 38.7% |
| Personnel Costs / Operating Cost (%) | 72.4% | 73.5% | 72.1% |
STAKEHOLDERS
Directors & CEO Remuneration
Executive & CEO: RM64.8 million
Non-Executive: RM8.9 million
Subsidiaries: RM34.3 million
CEO: RM64.8 million
Executive & CEO: RM58.9 million
Non-Executive: RM8.9 million
Subsidiaries: RM20.0 million
CEO: RM58.9 million
Executive & CEO: RM52.8 million
Non-Executive: RM7.9 million
Subsidiaries: RM18.3 million
CEO: RM52.8 million
Executive & CEO: RM46.8 million
Non-Executive: RM29.5 million
Subsidiaries: RM17.7 million
CEO: RM46.8 million
Executive & CEO: RM40.5 million
Non-Executive: RM29.0 million
Subsidiaries: RM16.9 million
CEO: RM40.5 million
Directors & CEO Interests
As at 31/12/24, Public Bank’s CEO and key director, Tan Sri Tay Ah Lek had a stake of 27.44 million shares in the company. This has not changed since 31/12/21. During the financial year ended 31/12/21, he acquired 9.5 million shares in the company. Previously he held 3,688,845 shares and received 14,755,380 bonus shares as a result of the company’s Bonus Issue in FY2021.
CORPORATE DEVELOPMENTS
Selldown of 50 million shares by Consolidated Teh
Further to their announcement on 10/10/24, the Estate of the late Tan Sri Teh Hong Piow (via Consolidated Teh Holdings Sdn Bhd) has announced the disposal of 50 million shares (0.26%) in Public Bank Bhd. The date of change was shown as 8/10/25. The Teh family still holds over 22% of the banking group after the sell down. The family is required to gradually reduce its stake to 10% within five years through a restricted offer for sale (ROFS) to comply with the Financial Services Act. Which means it still needs to sell down well over 2 billion shares over the next 4 years or over 500 million shares each year on average.
Public Bank shares closed at RM4.34 on 8/10/25 with 4.9 million shares traded at a range of RM4.31 to 4.34. For the preceding
Goodwill Impairment for Public Bank
Public Bank Bhd’s upcoming Q4 results, scheduled for release on 26/2/25, are expected to reflect the financial impact of the goodwill impairment at its 73.2%-owned subsidiary, Public Financial Holdings (PFH), which had recorded a goodwill impairment on its wholly owned subsidiaries, Public Bank (HK) Ltd, Public Finance Ltd, and Winton (BVI) Ltd. The impairment was approximately HK$810 million or RM463 million.
(Source: TheEdge)
Public Bank Completion of LPI Acquisition
Public Bank (PBB) completed its acquisition of a 44.15% stake in LPI Capital (LPI) in December 2024, acquiring it from the estate of Tan Sri Teh Hong Piow and his private vehicle, Consolidated Teh Holdings Sdn Bhd. This acquisition was for a total of RM1.72 billion in cash, or RM9.80 per share. As a result, PBB now holds a controlling stake* in LPI.
Key Details:
Acquisition: PBB acquired a 44.15% stake in LPI Capital.
Value: The acquisition was valued at RM1.72 billion in cash, or RM9.80 per share which is 1.71x LPI’s book value and 12.4x 2023 earnings.
The stake was acquired from the Estate of Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd.
LPI share price closed at RM13.14, while PBB at RM4.53 at completion of the acquisition on 4/12/25.
Consequences of the Acquisition:
- Public Bank now holds a controlling stake in LPI, giving it greater influence over its operations.
- As a subsidiary of Public Bank, LPI is required to dispose of its 1.1% stake in PBB within 12 months due to the acquisition.
- The sale of Public Bank shares by LPI could potentially lead to special dividends for LPI shareholders, some estimates suggest RM1.89 per share.
- The acquisition aligns with PBB’s strategy to enhance its presence in the insurance sector through LPI, a leading general insurer in Malaysia.
- Some analysts expect the acquisition to be earnings accretive for Public Bank, potentially boosting group earnings by around 2%
*PBB considers that it controls LPI Capital Bhd (“LPI”) even though it owns less than 50% of the voting rights. This is because the Group is the single largest shareholder of LPI with a 44.15% equity interest. The remaining 55.85% of the equity shares in LPI are widely held by many other shareholders, none of which individually hold more than 10% of the equity shares (as recorded in the company’s shareholders’ register on 4 December 2024. Since the date of acquisition of LPI on 4 December 2024, there has been no history of the other shareholders collaborating to exercise their votes collectively or to outvote the Group.
Source: Public Bank Berhad 2024 Integrated Annual Report Financial Statements P39.
Public Bank Acquisition of Lonpac and Teh Family Divestment
On 10/10/24 it was reported that Public Bank Bhd would acquire 44.15% stake in LPI Capital for RM1.72bil by launching a Mandatory General Offer for LPI at RM9.80/share. Teh Li Shian Diona, daughter of the late Tan Sri Dr Teh Hong Piow also announced that the Estate and Consolidated Teh Holdings Sdn Bhd intended to undertake a restricted offer for sale of a portion of their Public Bank shares over a 5-year period, in compliance with the Financial Services Act. The acquisition of 44.15% in LPI Capital (175.9 million shares) was completed on 4/12/24.
(Source: TheStar, TheEdge)