Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Feb 27): RHB Bank Bhd reported today a 23% rise in fourth quarter net profit at RM565.43 million from RM460.08 million a year earlier, on higher net interest and Islamic banking income. Lower allowance for credit losses on financial assets also contributed to net profit growth, the group said.

In a statement to Bursa Malaysia today, RHB said revenue rose to RM3.31 billion in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM3.07 billion.

"This (net profit growth) was due to higher net fund based income and lower allowances for credit losses on loans and other assets," it said.

For the full year, FY18 cumulative net profit climbed to RM2.31 billion from RM1.95 billion a year earlier, while revenue was higher at RM12.69 billion versus RM11.87 billion.

Datuk Khairussaleh Ramli, group managing director of RHB Banking Group, said in a statement: "Our fundamentals are strong with high capital ratios, healthy liquidity position and adequate coverage for loan losses. We will continue to invest in technology infrastructure and digital capabilities and promote the culture of an AGILE way of working to enhance our competitive edge, improve operational efficiency and serve our customers better."

"In the first year since the launch of our five-year strategy, FIT22, we have gained positive traction. Nevertheless, we remain cautious of the continued challenging global economic environment," Khairussaleh said.

      Print
      Text Size
      Share