Thursday 28 Mar 2024
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KUALA LUMPUR (Mar 23): Bank Rakyat posted a 2.7% increase in net profit to RM1.96 billion for the financial year ended Dec 31, 2014 (FY14), from RM1.91 billion the previous year.

The bank also reported a record high profit before tax and zakat of RM2.16 billion for FY14, growing 1.6% from RM2.13 billion in FY13.

The bank announced a dividend distribution of 15%, amounting to RM450 million for the year.

"Bank Rakyat has performed well in 2014, despite the challenging economic environment, following the fall in commodity prices and the ringgit," Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek told a news conference to announce the co-operative bank's FY14 results today.

Bank Rakyat reported a 7.6% growth in asset to RM89.18 billion, from RM82.88 billion in FY13, while its return on assets was strong at 2.5%.

Total deposits for the year expanded 4.9% to RM68.52 billion, from RM65.30 billion the previous year, with retail deposits accounting for 16.9% of the total, compared with 16% in FY13.

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