RHB Bank Posts Higher Net Profit Of RM833.19 Mln In 3Q FY2024

KUALA LUMPUR, Nov 29 (Bernama) -- RHB Bank Bhd's net profit surged to RM833.19 million in the third quarter ended Sept 30, 2024 (3Q FY2024) from RM649.95 million in the same period last year, attributable to higher total income and lower expected credit losses (ECL).

Revenue rose to RM4.51 billion from RM4.22 billion previously, the bank said in a filing with Bursa Malaysia today.

No dividend was declared for the quarter under review.

For the first nine months period (9M FY2024), RHB Bank saw its net profit grow to RM2.29 billion from RM2.22 billion previously, while revenue was higher at RM13.33 billion versus RM12.18 billion previously.

"Total income rose 11.3 per cent year-on-year (y-o-y) to RM6.4 billion, driven by growth in both net fund-based and non-fund-based income.

“The bank's cost-to-income ratio improved to 46.0 per cent from 47.1 per cent y-o-y and the group’s return on equity stood at 9.8 per cent for 9M FY2024," it said.

RHB Bank said its ECL was at RM461.6 million in 9M FY2024, showing a sequential decline of 29.9 per cent from 2Q FY2024.

Moving forward, RHB Bank expects continued stability in Malaysia, with gross domestic product growth projected at five per cent in 2025 and the overnight policy rate anticipated to remain at three per cent next year.

"The group will stay agile in navigating the evolving landscape, leveraging digital innovation and sustainable finance to drive sustained, quality growth," it added.

-- BERNAMA