Record profit for RHB Group, revenue hits RM12.7bil in 2018

KUALA LUMPUR: RHB Bank Bhd posted a record net profit of RM2.31 billion for the year ended December 31 2018.

The 18.2 per cent year-on-year growth was achieved on the back of higher revenue of RM12.69 billion than the RM11.87 billion previously.

RHB Group said its net profit for the fourth quarter stood at RM565.4 million, 22.9 per cent higher than RM460.1 million recorded a year ago. This was due to higher net fund based income and lower allowances for credit losses on loans and other assets.

The group’s total assets increased 5.6 per cent year-on-year to RM243.2 billion, while shareholders’ equity stood at RM23.4 billion, with net assets per share at RM5.82.

“Our capital position remains strong. Common equity tier-1 and total capital ratio of the group after the FY2018 final dividend are among the highest in the industry, at 15.49 per cent and 18.78 per cent respectively,” RHB Group said in a statement today.

The group’s gross loans and financing grew 5.5 per cent year-on-year to RM168.9 billion, while domestic loans and financing grew 5.6 per cent on resilient growth in mortgages and SME.

The group’s domestic loan market share stood at 9.1 per cent as at end December 2018.

Its customer deposits increased 7.2 per cent to RM178.9 billion with a healthy liquidity coverage ratio of 143.0 per cent.

Its total current and savings account composition stood at 25.9 per cent of total deposits.

RHB Group’s gross impaired loans ratio improved to 2.06 per cent from 2.23 per cent a year ago with gross impaired loans at RM3.48 billion.

Source : NST