Public Bank Bhd has posted a record net profit of just over RM1bn for the financial year ended 31 December 2003, on strong growth in loans to small- and medium-sized enterprises (SMEs) and consumers.
Group profit before tax improved to RM1.46bn from RM1.24bn.
Public Bank chairman Tan Sri Teh Hong Piow said the group's full-year results, which marked the first time net profit crossed the RM1bn mark, also received a lift from Public Finance's earnings, which were fully attributable to the bank following the privatisation of the finance company in June 2003.
Loans grew by 22% last year, which was more than four times the industry average. Total gross loans increased by RM8bn to RM47bn.
