For the 2nd year running, Public Bank held their virtual AGM shareholders meeting virtually.
For year 2020 AGM, all board of directors were at 1 place, this year on 2021, some of the board of directors joined the AGM from their home.
Pre tax and net profits were down a bit. Not surprising as last year was a really bad year due to Covid19.
The modification loss of RM498 is not a financial loss but more of a loss of opportunity cost to charge interest during moratorium period during 2020's Covid19 time.
Overall the bank is still the leader in the 3 major banking KPI categories, namely Cost-To-Income ratio, Gross Impaired Loan Ratio and Net Return on Equity.
Low Cost to Income means the bank has more operating profit and costs.
If you own any Public Mutual Funds, you are almost certain to be expose to this banking stock. I can say the company's very prudent and runs very lean. As long as Covid19 doesn't drag too long (>3years) this company's is considered a must have in your stock arsenal.
Also like previous virtual AGMs, no door gift, credits (ewallet) were given for attendance.
Personally, once Malaysia's Covid19 cases drops and vaccination drive kicks into full swing, I'm very certain Malaysian banks like Maybank and Public Bank will roar back.
I kind of miss the pre Covid19 days where Public Bank did their AGM onsite at Shangri-La Hotel. Those days the AGM events were almost like US's Berkshire Hathaway AGM (Warren Buffet's company) where the event was always very colorful and packed to the brim with people. There were quite colorful and vocal shareholders then, the birthday song singing auntie, the complaining Singh, the overanalytical uncle and a few ego boosting praising young guys.
I blog about previous Public Bank AGMs here :
Onsite AGM 2019 :
Real AGM 2020 :