“The RM590.8 million profit recorded in the first quarter of this year is our best quarterly profit ever.”

DATUK KHAIRUSSALEH RAMLI, RHB Bank Bhd managing director

KUALA LUMPUR: RHB Bank Bhd’s net profit rose 18.1 per cent to RM590.8 million in the first quarter ended March 31, from RM500.28 million in the same quarter last year.

This was largely driven by higher net fund-based and non-fund based income as well as lower allowance for expected credit losses, it said.

Group revenue for the quarter rose to RM2.7 billion from RM2.62 billion in the same quarter last year, while net fundbased income increased 13 per cent to RM1.23 billion.

Managing director Datuk Khairussaleh Ramli said it expected to achieve better performance this year.

“The group continued its earnings growth momentum, which is reflected in our improved performance even under challenging operating environment.

“The RM590.8 million profit recorded in the first quarter of this year is our best quarterly profit ever,” he said in a statement yesterday.

Khairussaleh said the group had targeted to grow its top line, especially from key growth areas. This was on the back of improvements in fundamentals with its loan loss coverage exceeding 100 per cent, robust capital levels, healthy liquidity position and normalisation of credit cost.

The group’s total assets increased 1.9 per cent from December last year to RM234.6 billion as at March 31.

Post-implementation of MFRS9 (financial instruments), shareholders’ equity stood at RM22.4 billion, with net assets per share at RM5.57 from RM5.77 in December last year.

As at March 31, its common equity Tier 1 and total capital ratio after the proposed final dividend remained strong even after the implementation of MFRS 9 at 13.5 and 16.7 per cent, respectively.