KUALA LUMPUR: RHB Bank Bhd posted a net profit of RM615.83 million for the third quarter ended Sept 30, 2019, an increase of 6.4% from RM578.69 million in the same quarter last year, attributable mainly to higher net fund based and non-fund based income and higher expected credit losses (ECL) writeback on other financial assets.
Its revenue jumped 4.2% to RM3.34 billion from RM3.20 billion a year ago.
For the nine months period, it posted a net profit of RM1.86 billion, up 7.0% year-on-year (yoy) from RM1.74 billion a year ago mainly from higher non-fund based income and lower ECL.
Its revenue went up 7.7% to RM10.10 billion compared with RM9.38 billion in the previous year.
RHB group managing director Datuk Khairussaleh Ramli (pix) said the group remains prudent in growing its business, while it continue to adopt measures to accelerate efforts to manage asset quality and exercise discipline in cost management, supported by its strong fundamentals.
“The group demonstrated resilience by delivering higher net profit for the first nine months of 2019, amidst a challenging operating environment,” he said.
RHB said its total assets increased 3.7% from December 2018 to RM252.1 billion as at Sept 30, 2019.
The group’s gross loans and financing grew by 5.2% yoy to RM172.8 billion, supported by growth notably in mortgages and SME, while Singapore loans grew by 7.4%.
Gross impaired loans was at RM3.7 billion as at Sept 30, 2019, with gross impaired loans ratio of 2.16% from 2.37% a year ago.
It continued to be prudent in loan loss provision with loan loss coverage standing at 105.8% as at Sept 30, 2019.
Domestic loans and financing grew 5.1% yoy. The group’s domestic loans market share stood at 8.9% as at end-September 2019.
Customer deposits recorded a 6.9% growth yoy to RM183.1 billion as at Sept 30, 2019, largely attributable to growth in fixed deposits. Liquidity coverage ratio remained healthy at 127.4%.
“We continue to make good progress in the execution of our FIT22 strategic roadmap, which includes investments in technology infrastructure and enhancing digital capabilities, as well as the adoption of the AGILE work culture across the group, driven by our focus to serve our customers better,” said Khairussaleh, commenting on the group’s prospects.
source https://www.thesundaily.my/business/rhb-s-q3-net-profit-up-64-GX1653019
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