The Star Malaysia - StarBiz

RHB records 3Q net profit of Rm700.48mil

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RHB Bank Bhd group managing director and CEO Mohd Rashid Mohamad says there is likely to be continued challenges of limited fiscal space, inflationa­ry pressures and labour shortages in 2023.

However, he maintained the bank’s fundamenta­ls remain strong and it would continue to closely monitor asset quality moving forward.

“We are also mindful that some of our customers are still recovering from the impact of the Covid-19 pandemic and as such, will continue providing the necessary support and assistance especially to the most vulnerable groups within the community,” he said in a statement yesterday.

RHB posted a net profit of Rm700.48mil in the third quarter ended Sept 30, 2022, up from Rm635.59mil in the previous correspond­ing quarter, on higher net fund-based income, the absence of modificati­on loss and lower expected credit losses (ECL).

Earnings per share was 16.63 sen compared with 15.64 sen in the previous same quarter.

Revenue was reported at Rm3.48bil, up from Rm3.03bil in the comparativ­e quarter.

For the nine-month period to Sept 30, 2022, RHB’S net profit was Rm1.94bil, slightly lower than Rm1.99bil in the 2021 period while revenue was Rm9.33bil, up from Rm8.86bil in the year-ago period.

Year-to-date, the group reported a 5.8% increase in total assets to Rm306.4bil as at Sept 30, 2022, representi­ng a net assets per share of RM6.66, with shareholde­rs’ equity at Rm28bil.

The bank’s common equity Tier-1 (CET-1) and total capital ratio stood at 16.4% and 18.8% respective­ly.

The group’s gross loans and financing grew 5.7% year-to-date to Rm209.7bil, mainly supported by growth in mortgage, auto finance, small and medium enterprise­s, commercial, Singapore and Cambodia. Domestic loans and financing grew 4.3% year-to-date.

Meanwhile, the group’s gross impaired loans was Rm3.3bil as at September 2022 with gross impaired loans ratio of 1.57%, compared with Rm3.3bil and 1.62% respective­ly in June 2022.

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