KUALA LUMPUR (March 21): Public Bank Bhd founder and chairman emeritus Tan Sri Dr Teh Hong Piow said the group will continue to sustain its position as the most efficient, profitable and respected premier financial institution in Malaysia to create better value for stakeholders.

In Public Bank's annual report released today, Teh, who is also Public Bank's director and adviser, said that along with the progress of the country, the bank pursues its direction by contributing to the nation and serving the people as an efficient, effective and respected financial institution in Malaysia.

"Given the role of the group as intermediary and guardian of public funds, the board sees responsible business conduct, adherence to laws and regulations and ultimately public trust as key pillars to the sustainable success of the group and the overall stability of the financial system. In this respect, the group will continue to uphold sound corporate governance, prudent risk management and stringent compliance policies and practices to safeguard its stability, and to guard against risks arising from future challenges.

"Being the founder, and as the chairman emeritus, director and adviser to the Public Bank group, I continue to hold the principle of creating long-term and shared values with the stakeholders of the group, and I am ever confident that the Public Bank group will continue to pursue this direction for the benefit of all stakeholders," Teh said.

Looking back, he said the operating environment in 2018 was a challenging one, characterised by moderate growth, headwinds and escalated volatilities. While these conditions posed downside pressure on the banking environment, he said Public Bank navigated through the challenges and achieved stable profitability and continued balance sheet strength during the year.

"The stable business and financial performance of the group has enabled Public Bank to deliver long-term shareholder value to about 70,000 shareholders, both retail and established institutional funds, of which many are long-time shareholders. This is reflected in the continued appreciation of Public Bank's share price and the consistent payout of dividend to its shareholders.

"In 2018, despite volatility in the equity market, Public Bank's share price appreciated by 19.2% which resulted in the increase in the market capitalisation of Public Bank from RM80.67 billion to RM96.12 billion. This appreciation in the share price together with the total dividend received by the shareholders in 2018 translated to a commendable return of 22.3% for the year 2018," he said.