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The banking group announced Tuesday that its turnover had increased by 8.3%, from 2.95 billion to RMB. Earnings per share was 14.4 sen compared to 12.2 sen.
According to RHB Bank, higher net income is mainly due to higher net income from funds and other funds and lower provisions for credit losses on loans and other assets, partially offset by higher overheads.
Net income from funds increased 8.9% to 3.7 billion RMB over the previous year. Revenue from Gorss funds increased by 7.1%, thanks to a 4% increase in gross loans and financings, while financing costs and interest expense increased by 5.6% year-on-year " , says the report.
Net income from funds increased by 8.9% to 3.7 billion RMB over the previous year. Gross fund revenue increased 7.1%, driven by a 4.0% increase in gross loans and financings, while financing and interest expense increased 5.6%. % over one year.
Operating expenses increased 6.4% over last year
RHB reported that loan loss provisions were RM 245.7 million, 18.8% lower than a year ago. This is mainly due to some recoveries recorded during the current period, associated with a significant depreciation of oil and gas companies a year ago.
For the nine-month period, its net profit increased by 16.7% from RM 1.49 billion to RM 1.74 billion in the previous corresponding period.
RHB Banking Group General Manager Datuk Khairussaleh Ramli said, "Our profit for the first nine months of this year is the highest of all time."
The banking group's revenues increased by 6.7 percent to RMB 9.38 billion, up from 8.79 billion a year ago.
The improvement in net income is mainly due to an 8.9% increase in net income from shareholders' equity of RMB 3.70 billion compared to the previous year.
Goss revenue was up 7.1%, driven by a 4.0% increase in gross loans and financings, while financing and interest expense increased 5.6% on a year-over-year basis. year.
"With the revision of deposit pricing, the NIM went from 2.29% in the second quarter to 2.23% for the quarter, but it improved from 2.19% in the corresponding quarter of the year. last year.
"The 4.0% increase in fund-based non-fund revenue to RMB 1.37 billion contributed largely to higher net foreign exchange gain and trading and investment income." "Says the report.
Operating expenses increased 6.4% to RMB 2.48 billion year-on-year, driven by higher personnel costs and IT expenses, as the group continues to invest in technological infrastructure and digital capabilities.
RHB Bank stated on a quarterly basis that net income for the current quarter was 577.77 RMB, up 1.5% from RM 5670.3 million in the second quarter ended June 30, 2018.
"This is explained by the increase in non-fund revenue, mainly due to higher mark-to-market gains on securities and derivatives and lower provisions for credit losses. ready, "says the report.
Khairussalehi said the group's performance was resilient despite difficult market conditions and the volatility of the global economy.
"Our strong capital, strong liquidity position and adequate loan loss cover are driving us to sustainable growth.
"Our profit for the first nine months of this year is the highest of all time. We aim to improve the performance and growth of our business, as well as provide excellence service through our five-year FIT22 strategy, supported by our digital transformation program to deliver value-added interactions and personalized services. based on differentiated segments. To carry out this program, we have extended the Agile working method within the group, "he said.
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