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The Way Forward

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The Way Forward THE WAY FORWARD 2018 ANNUAL REPORT LED BY GREAT AND PURPOSEFUL LEADERSHIP, WE CONTINUE TO REMAIN SUCCESSFUL BY MEETING DEMANDS AND EXPECTATIONS OF STAKEHOLDERS AND CUSTOMERS. OUR EFFECTIVE STRATEGIES AND PRUDENT MANAGEMENT HAS HELPED US DECISIVELY MOVE FORWARD AND RESPOND TO CHANGES IN THE BANKING INDUSTRY. THE WAY FORWARD 2018 ANNUAL REPORT WE WILL CONTINUE TO MOVE FORWARD IN LINE WITH TECHNOLOGICAL ADVANCEMENT. FOR THE CONVENIENCE OF OUR CUSTOMERS, WE WILL ENSURE EASY AND SIMPLIFIED ACCESS TO ONLINE BANKING, ENABLING THEM TO BANK ANYWHERE AND AT ANY TIME. THE WAY FORWARD 2018 ANNUAL REPORT OUR SUPERIOR PERFORMANCE IN CUSTOMER SERVICE HAS ALWAYS BEEN AN INDUSTRY BENCHMARK. AS A CUSTOMER-CENTRIC BANK, WE SUPPORT THE NEEDS OF OUR CUSTOMERS AND ASSIST THEM TO ACHIEVE THEIR FINANCIAL GOALS IN ANY WAY POSSIBLE. THE WAY FORWARD 2018 ANNUAL REPORT OUR DEDICATED AND COMMITTED EMPLOYEES FORM THE BACKBONE OF OUR ORGANISATION. WE WILL INSTIL IN THEM THE NECESSARY SKILLS AND KNOWLEDGE TO FACE CHALLENGES AHEAD. IT IS OUR AIM TO CREATE A DIGITALLY ENABLED WORKFORCE AND EMBED INNOVATION INTO OUR WORKPLACE CULTURE AS WE MOVE FORWARD. THE WAY FORWARD 2018 ANNUAL REPORT ABOUT THIS REPORT WHAT’S INSIDE 1 HIGHLIGHTS 2 Corporate Philosophy 3 Corporate Mission 4 Notice of Annual General Meeting 7 Financial Calendar 8 Financial Highlights 9 Simplified Group Balance Sheet 10 Corporate Information RATIONALE 12 Group Corporate Structure 14 Corporate Profile Public Bank stood tall for the past 52 years, drawing our strength from stability in leadership, financial management, business acumen, professionalism and service excellence. We remain committed towards sustaining our footprints on corporate excellence as we embark on a digital journey to meet the future needs and expectations of our stakeholders, focusing on taking the Bank’s performance to the next level. We will increase efficiency, empower our employees with the knowledge and expertise needed to compete in 2 the future and drive change in order to remain competitive. OVERVIEW Public Bank will continue to sustain our legacy of high 16 Corporate Milestones from 1966 growth, performance excellence and value creation for all our stakeholders. 20 Media Highlights 2018 22 Five-Year Group Financial Summary The cover design encapsulates the theme The Way Forward 24 Summary of Five-Year Group Growth through the use of arrowheads as a symbol of positive movement and focus on set targets. Arrows also denote 26 Key Interest Bearing Assets & Liabilities speed, power and dynamism; traits that drive the Bank 27 Segmental Analysis forward to meet the challenging demands of the future. 28 Group Quarterly Performance The move towards digitalisation is accentuated by the optic lines superimposed on the people, denoting today’s 29 Statement of Value Added futuristic lifestyle and convenience to enhance customer experience. 3 ACHIEVEMENTS 30 2018 Awards & Achievements This annual report is available on the web at www.publicbankgroup.com To contact us, please refer to the Corporate Information on page 10 and the Group Corporate Directory on page 281 The financial statements are available in the Financial Statements book of the 2018 Annual Report 4 7 LEADERSHIP SUSTAINABILITY STATEMENT 34 Statement by Tan Sri Dato’ Sri Dr. Teh Hong 186 Sustainability Statement Piow, Founder, Chairman Emeritus, Director 230 Calendar of Significant Events 2018 and Adviser 38 Joint Statement by Chairman and Managing Director/Chief Executive Officer 40 Board of Directors 8 42 Board of Directors’ Profile OTHERS 246 Bursa Malaysia Listing Requirements Compliance Information 5 247 Malaysian Economy: Review and Outlook CORPORATE GOVERNANCE 256 Investor Information 54 Corporate Governance Overview Statement 260 Analysis of Shareholdings 66 Risk Management 264 Share Capital 78 Ethics, Integrity and Trust 277 Summary of Properties Owned by Public Bank Group 82 Statement on Risk Management and Internal Control 278 Top 10 List of Properties Owned by Public Bank Group 88 Audit Committee Report 280 International Network 281 Group Corporate Directory Form of Proxy 6 MANAGEMENT PERSPECTIVE 96 Group Management Profile 102 Heads of Division 110 Management Discussion and Analysis 112 Group Financial Review 140 Business Operations Review 182 Outlook for 2019 2 2018 ANNUAL REPORT PUBLIC BANK BERHAD CORPORATE PHILOSOPHY Public Bank Cares… For Its Customers • By providing the most courteous and efficient service in every aspect of its business • By being innovative in the development of new banking products and services For Its Shareholders • By forging ahead and consolidating its position as a stable and progressive financial institution • By generating profits and a fair return on their investment For Its Employees • By promoting the well-being of its staff through attractive remuneration and fringe benefits • By promoting good staff morale through proper staff training and development and provision of opportunities for career advancement For The Community It Serves • By assuming its role as a socially responsible corporate citizen in a tangible manner • By adhering closely to national policies and objectives thereby contributing towards the progress of the nation …With Integrity 3rd largest RM5.59 billion bank in Malaysia record net profit attributable to equity holders THE WAY FORWARD 3 CORPORATE MISSION To sustain the position of being the most efficient, profitable and respected premier financial institution in Malaysia. RM419.69 billion 432 branch network in total assets in the region 4 2018 ANNUAL REPORT PUBLIC BANK BERHAD NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the 53rd Annual General Meeting of Public Bank Berhad (PBB or Company) (6463-H) will be held at the Grand Ballroom, Shangri-La Hotel, Jalan Sultan Ismail, 50250 Kuala Lumpur on Monday, 22 April 2019 at 11.00 a.m. for the following purposes: AS ORDINARY BUSINESS 1. To lay before the meeting the Audited Financial Statements for the financial year ended 31 December 2018 and the Reports of the Directors and Auditors thereon. 2. To re-elect the following Directors who retire pursuant to Article 109 of the Company’s Articles of Association (Constitution): i. Mr Lee Chin Guan Ordinary Resolution 1 ii. Dato’ Mohd Hanif bin Sher Mohamed Ordinary Resolution 2 3. To re-elect the following Directors who retire by rotation pursuant to Article 111 of the Company’s Articles of Association (Constitution): i. Tan Sri Dato’ Sri Tay Ah Lek Ordinary Resolution 3 ii. Ms Lai Wai Keen Ordinary Resolution 4 4. To approve the payment of Directors’ fees, Board Committees Members’ fees, and allowances to Ordinary Resolution 5 Directors amounting to RM3,659,567 for the financial year ended 31 December 2018. 5. To approve the payment of remuneration and benefits-in-kind (excluding Director’s fee and Board Ordinary Resolution 6 meeting allowance) amounting to RM40,879,961 for financial year ended 31 December 2018 to the then Chairman in financial year ended 31 December 2018, Tan Sri Dato’ Sri Dr. Teh Hong Piow. 6. To re-appoint Messrs Ernst & Young as Auditors of the Company for the financial year ending Ordinary Resolution 7 31 December 2019 and to authorise the Directors to fix the Auditors’ remuneration. AS SPECIAL BUSINESS 7. To consider and if thought fit, to pass the following resolution in relation to the proposed Special Resolution 1 amendments of the existing Memorandum and Articles of Association of the Company as set out in Appendix II of the Circular to Shareholders dated 21 March 2019 despatched together with the Company’s 2018 Annual Report and the proposed adoption of a new Constitution of the Company: “THAT approval be and is hereby given to revoke the existing Memorandum and Articles of Association of the Company with immediate effect and in place thereof to adopt the proposed new Constitution of the Company as set out in Appendix III of the Circular to Shareholders dated 21 March 2019 despatched together with the Company’s 2018 Annual Report; AND THAT the Directors be and are hereby authorised to assent to any modification, variation and/or amendments as may be required by any relevant authorities and to do all acts necessary to give effect to the proposed new Constitution.” By Order of the Board Dato’ Chia Lee Kee MAICSA 7008270 Company Secretary Kuala Lumpur 21 March 2019 THE WAY FORWARD 5 Notes: 1. In respect of deposited securities, only Members whose names appear in the Record of Depositors on 15 April 2019 (General Meeting Record of Depositors) shall be entitled to attend, speak and vote at this 53rd Annual General Meeting (AGM). 2. A Member entitled to attend, speak and vote at this 53rd AGM may appoint a proxy to attend, speak and vote on his behalf. A proxy need not be a Member of the Company. 3. A Member shall not be entitled to appoint more than 2 proxies to attend and vote at this 53rd AGM provided that where a Member is an authorised nominee as defined in accordance with the provisions of the Securities Industry (Central Depositories) Act, 1991, it may appoint up to 2 proxies in respect of each Securities Account it holds with ordinary shares in the Company standing to the credit of the said Securities Account. Where a Member appoints 2 proxies, the appointment shall be invalid unless he specifies the proportions of his shareholdings to be represented by each proxy. Where a Member of the Company is an exempt authorised nominee which holds ordinary shares in the Company for multiple beneficial owners in one securities account (omnibus account), there is no limit to the number of proxies which the exempt authorised nominees may appoint in respect of each omnibus account it holds. An exempt authorised nominee refers to an authorised nominee defined under the Securities Industry (Central Depositories) Act, 1991 which is exempted from compliance with the provisions of subsection 25A(1) of the said Act. 4.
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