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RHB Q1 net profit up 18.1 pct to RM590.82 mln
Last update: 31/05/2018

KUALA LUMPUR, May 31 (Bernama) --RHB Bank Bhd's†net profit for the first quarter ended March 31, 2018 (Q1 2018) improved 18.1 per cent to RM590.82 million from†RM500.28 million registered in the same quarter last year.

Revenue rose to RM2.78 billion from RM2.62 billion previously, the bank said in a filing to Bursa Malaysia today.

In a statement, RHB said the improved performance was largely driven by higher net fund based and non-fund based income, as well as lower allowance for expected credit losses.

"Net fund based income increased by 13.0% to RM1.23 billion from a year ago. Gross fund based income increased by 6.1 per cent arising from growth in loans and financing," it said.

The bank also said its funding and interest expense remained relatively flat throughout the year despite growth in total deposits, primarily due to better funding cost management, a healthy 14.3 per cent year-on-year† (y-o-y) current and savings account (CASA) growth and redemption of certain sub-debts and senior notes over the year.

The Group's gross loans and financing grew by 4.3 per cent†y-o-y†to RM161.2 billion, while domestic loans and financing grew 6.7 per cent†y-o-y contributed mainly by growth in mortgages and small and medium enterprises.

The Group's domestic loan market share remained at 9.1 per cent†as of†end-March 2018, customer deposits increased by 2.6 per cent†y-o-y to RM169.8 billion†largely attributed to growth in the current account, whereas an increase of 2.2 per cent for the quarter was driven mainly from fixed deposits and money market time deposits.

As at March 31, 2018, total CASA composition stood at 29.3 per cent†compared with 26.3 per cent†a year ago.



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Source: Bank Negara Malaysia

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