RHB registers lower net profit for 1Q22

This resulting in the bank posting a lower EPS of 14.49 sen

by S BIRRUNTHA / pic by TMR FILE

RHB Bank Bhd registered a lower net profit of RM600.27 million for its first quarter ended March 31, 2022 (1Q22), from RM650.29 million a year earlier on lower revenue.

Quarterly revenue fell to RM2.86 billion from RM2.9 billion previously, according to the group’s filing to Bursa Malaysia today.

As a result, RHB posted a lower earnings per share (EPS) of 14.49 sen for the period against 16.22 sen the year before.

In a separate statement, RHB Banking Group MD and CEO Mohd Rashid Mohamad said the group’s 1Q22 performance was commendable despite the challenging business environment.

He added that the group’s fundamentals remain solid and this is reflected in its strong capital ratio and liquidity levels.

Additionally, he said the group’s asset quality also remains strong with healthy loan loss coverage of 125.7%.

“Going forward, we will remain prudent in managing the business and focus on driving responsible growth, as well as managing our asset quality. 

“We will also continue to provide the appropriate assistance to our customers who remain impacted by the Covid-19 pandemic,” he noted.

At 12.29pm, RHB’s shares remained flat at RM5.95, valuing the group at RM24.65 billion.