PETALING JAYA: About 438,000 Public Bank customers with total loans of about RM83 billion as at the end of 2021 have received Covid-19 repayment assistance to manage their debt burden.
“Public Bank has been proactive in providing support to its customers since the beginning of the pandemic and will continue to provide repayment assistance to those affected by the pandemic while supporting the nation’s economic recovery,” said Public Bank managing director and CEO Tan Sri Tay Ah Lek in a statement today.
Public Bank has consistently reached out to its customers to ensure that those in need of financial assistance receive the necessary help. The bank has also set up various engagement channels, such as digital platforms and special repayment assistance helpdesk lines to provide more efficient assistance to affected customers and to keep them promptly updated with the various repayment assistance available.
Repayment assistance is not limited to only customers affected by the pandemic but also for customers who experience unfortunate events, such as floods. Since 2016, the bank has approved flood moratorium of about RM2.5 billion for close to 13,000 customers.
Public Bank is also one of the major financiers supporting SME growth. As at the end of 2021, the bank’s domestic SME financing portfolio stood at RM67.9 billion with a market share of about 21%.
Public Bank’s support for the SMEs remains unwavering during the pandemic where about RM3.4 billion of financing has been approved under special schemes initiated by the government and Bank Negara Malaysia (BNM), benefiting more than 17,000 SMEs during this unprecedented period.
“Every single ringgit of financing that goes to SMEs will have a high multiplier effect, from the purchase of raw materials to paying employees’ salaries and eventually contributing taxes to the government. Public Bank, as one of the main SME financiers in the country, will continue to provide financing access to SMEs in support of the nation’s economic recovery,” Tay said.
Public Bank has over the years been consistently supporting home ownership, particularly affordable housing for the mass market. Since 2016, Public Bank has approved more than RM35 billion for the financing of residential property costing below RM450,000.
The bank’s effort in supporting affordable housing remained unfaltering during the pandemic, with more than RM7.7 billion loans approved for 27,000 customers in 2021 to support them to own a home. During the year, about 57% of the bank’s newly approved housing loans was for the purchase of property costing RM100,000 to RM500,000.
Going forward, Public Bank is committed to further strengthen its role as a financial intermediary contributing to the nation’s development.
“Public Bank is fully supportive of BNM’s Financial Sector Blueprint 2022-2026. Public Bank aims to further propel its strength in banking to support the nation’s economic transformation and strengthen financial well-being for households and businesses, while accelerating the transition to a greener economy,” Tay said.
