KUALA LUMPUR: Public Bank Bhd’s strong balance sheet and solid asset quality will provide a sufficient cushion for the group to weather any threats and capture new opportunities.

       Public Bank founder, chairman emeritus, director and adviser, Tan Sri Teh Hong Piow said although the group is cautiously optimistic about the economic outlook, the group is cognisant of the various domestic and external concerns that could impact the economy.

       "To maintain long-term viability, the group will continue to be attentive and flexible, balancing growth and risk in a dynamic business environment,” he said in a statement in conjunction with Public Bank’s 56th annual general meeting (AGM) today.

       He also said that Malaysia’s transition to the COVID-19 endemic phase is set to stimulate key economic activities further and be supportive of the banking sector growth.

       "The group will continue to strive for business growth in its core business segments, maintaining prudent credit policies and improving cost efficiency.

       "Coupled with sound fundamentals, cost discipline culture and superior asset quality, the group stands ready to pursue all business opportunities and continue generating value for its stakeholders,” he said.

       Meanwhile, the group’s total gross loans and financing grew by 3.6 per cent to RM358.0 billion in 2021, with domestic loans growing by 3.4 per cent.

       According to the statement, the group continued to sustain its leading position in the domestic retail financing with market shares of 20 per cent and 34 per cent in residential property and commercial property financing respectively, as well as a 30 per cent market share in hire purchase financing.

       The group is also a leading small and medium-sized enterprise (SME) financier with a 22 per cent market share in domestic SME financing.

       In terms of funding, the group’s total customer deposits increased by 4.0 per cent to RM380.4 billion in 2021, with domestic deposits growing by 4.5 per cent.

       The group’s low-cost current and savings deposits recorded a strong growth of 11.7 per cent during the year, the statement added. - Bernama