The higher 3Q22 net profit was mainly due to higher net fund-based income, absence of modification loss and lower expected credit losses
RHB Bank Bhd’s net profit for the third quarter ended Sept 30, 2022 (3Q22) rose 10.2% to RM700.48 million from RM635.59 million in the same quarter last year.
Revenue increased to RM3.48 billion from RM3.03 billion previously.
In a statement today, RHB said the higher 3Q22 net profit was mainly due to higher net fund-based income, absence of modification loss and lower expected credit losses.
Earnings per share was 16.63 sen compared with 15.64 sen in the previous same quarter.
For the nine months period to Sept 30, 2022, RHB’s net profit was RM1.94 billion, slightly lower than RM1.99 billion in the 2021 period while revenue was RM9.33 billion, up from RM8.86 billion in the year-ago period.
Year-to-date, the group reported a 5.8% increase in total assets to RM306.4 billion as at Sept 30, 2022, representing a net assets per share of RM6.66, with shareholders’ equity at RM28 billion.
The bank’s common equity Tier-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 RM209.7 billion, mainly supported by growth in mortgage, auto finance, SME, Commercial, Singapore and Cambodia.
The bank’s domestic loans and financing grew 4.3% year-to-date.
Meanwhile, the group’s gross impaired loans were RM3.3 billion as at September 2022 with gross impaired loans ratio of 1.57%, compared with RM3.3 billion and 1.62% respectively in June 2022.
Loan loss coverage ratio for the group, excluding regulatory reserves, remained strong at 118.1% as at end-September 2022, compared with 122.4% in December 2021.
Customer deposits were up 3.1% year-to-date to RM225.6 billion, while growth in fixed and money market time deposits and current account savings account was 3.1% and 3% respectively.
Casa composition stood at 29.9% while the liquidity coverage ratio remained healthy at 147.3% as at Sept 30, 2022.
RHB expects Malaysia’s economic outlook heading into 2023 to be challenging due to strong headwinds which include the Federal Reserve’s monetary tightening, recession, inflation, limited fiscal space and labour shortages.
“Going forward, the group’s Together We Progress strategy will continue to guide us towards achieving quality growth and driving service excellence across all our delivery channels, supported by our robust digital propositions,” RHB Group CEO and Group MD Mohd Rashid Mohamed said. — TMR/pic by TMR
RELATED ARTICLES





