RHB

Nov 27, 2023

RHB BANK'S NET PROFIT IN 3Q EASES BY 6.5 PCT TO RM649.94 MLN RHB Banking Group managing director and chief executive officer Mohd Rashid Mohamad 27/11/2023 03:51 PM KUALA LUMPUR, Nov 27 (Bernama) -- RHB Bank Bhd’s net profit for the third quarter ended Sept 30, 2023 (3Q FY2023) eased 6.5 per cent to RM649.94 million from RM695.40 million in the corresponding quarter last year, mainly due to lower net fund based income. Revenue, however, was higher at RM4.21 billion against RM3.44 billion previously, the bank said in a filing with Bursa Malaysia today. For the nine-month cumulative period, RHB said its net profit registered an increase of 16.4 per cent year-on-year at RM2.22 billion versus RM1.90 billion, mainly due to higher non-fund-based income and lower expected credit losses (ECL). It said ECL was reduced by 81.4 per cent to RM71.4 million primarily due to writeback of management overlay. Meanwhile, revenue surged to RM12.18 billion from RM9.20 billion for the same period in 2022. Total income was RM5.75 billion from higher non-fund based income. Operating expenses increased 3.3 per cent to RM2.71 billion from higher personnel costs, attributed mainly to collective agreement adjustments, and higher establishment and marketing costs. RHB Banking Group managing director/group chief executive officer Mohd Rashid Mohamad said it would remain vigilant as risks from external factors, including recent developments in geopolitical tensions as well as challenges in certain markets where the bank operates, may dampen growth. “We will be revising our sustainable financial services commitment upwards to ensure we continue to expand and maximise our impact in supporting our customers in their sustainability journey. “Our Group Climate Action Programme is progressing well and we are on track to developing our pathway to net zero by 2050,” he said. Mohd Rashid added that the group would stay the course in executing the final phases of its “Together We Progress 2024” corporate strategy, focussing on quality growth, service excellence, and improved efficiency. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on the Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on the FM93.9 (Klang Valley), FM107.5 (Johor), FM107.9 (Kota Kinabalu) and RM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio