RHB Bank’s Q3 net profit rises to RM622.25m

The RHB Bank logo is seen at its branch in Kuala Lumpur in this September 4, 2013 file photo. — Reuters pic
The RHB Bank logo is seen at its branch in Kuala Lumpur in this September 4, 2013 file photo. — Reuters pic

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KUALA LUMPUR, Nov 30 — RHB Bank Bhd’s net profit for the third quarter ended September 30, 2020 increased to RM622.25 million from RM615.83 million in the same quarter last year.

In contrast, revenue for the quarter decreased to RM3.0 billion from RM3.3 billion previously, the group said in a filing with Bursa Malaysia today.

Similarly, net profit for the nine months period slipped 14.4 per cent to RM1.59 billion from RM1.86 billion in the same period last year.

The decline was mainly due to net modification losses of RM392.4 million arising from the loan moratorium given to borrowers as well as higher allowances for credit losses.

However, higher net fund-based income and non-fund based income helped to mitigate profit reduction.

During the period, the group’s revenue declined to RM9.51 billion from RM10.10 billion previously.

On the current financial year prospect, the group noted its favourable position to navigate through challenges, supported by sufficient liquidity and robust capital levels.

While its present loan loss coverage was comfortable, the group said it has ample room to absorb any potential increase in credit losses. — Bernama

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