KUALA LUMPUR, Nov 25 — RHB Bank Bhd’s net profit rose to RM615.83 million for the third quarter ended September 30, 2019 from RM578.69 million in the same period last year.
Revenue also grew to RM3.34 billion from RM3.20 billion previously.
In a filing with Bursa Malaysia today, the bank attributed the stronger net profit to higher non-fund based income and lower expected credit losses.
It said total assets for the group increased by 3.7 per cent to RM252.1 billion as at September 30, 2019 from December 2018, with shareholders’ equity at RM25.8 billion and net assets per share at RM6.44.
“The group’s gross loans and financing grew by 5.2 per cent year-on-year to RM172.8 billion, supported by growth notably in mortgages and small and medium-sized enterprises (SMEs), while Singapore loans grew by 7.4 per cent.
“Domestic loans and financing grew 5.1 per cent year-on-year. The group’s domestic loans market share stood at 8.9 per cent as at end-September 2019,” it said.
Moving forward, group managing director Datuk Khairussaleh Ramli said the bank expects loans growth to be slow, but supported by a resilient household sector and SMEs.
He said the group demonstrated resilience by delivering higher net profit for the first nine months of 2019, amidst challenging operating environment.
“We remain prudent in growing our business, while we continue to adopt measures to accelerate efforts to manage asset quality and exercise discipline in cost management, supported by our strong fundamentals,” he added. — Bernama
