Public Bank

It also plans to finance energy-efficient vehicles worth $7b by 2025.

Customers affected by the floods can defer monthly loan payments for up to 6 months.

They are amongst first to enable it in Malaysia.

This was partially offset by higher net interest income.

This follows after the local regulator raised its policy rate by 25 basis points.

The operating environment remains challenging, the bank’s founder said.

The new base rate will be 2.25%, and base lending rate at 5.72%   Public Bank is increasing its Base Rate (BR), Base Lending Rate (BLR) / Base Financing Rate (BFR) by 0.25%, effective 13 May.   The bank’s new BR will be at 2.52% from 2.27%, whilst the BLR/BFR will be at 5.72% from 5.47%.   The bank’s fixed deposit rates will also be increased by 0.25% across all tenures.   The move came following Bank Negara Malaysia’s Overnight Policy Rate (OPR) hike by 25 basis points from 1.75% to 2.00% on 11 May. 

This is in line with the Pemulih stimulus package announced by the government.

The bank has assisted over 160,000 customers affected by the pandemic.