RHB Bank Berhad will continue to provide payment assistance and financing facilities to customers, both individuals and businesses to lessen their financial burden.
In its recently held 55th Annual General Meeting virtually, RHB posted a net profit of RM2, 032.5 million, a decrease of 18.1 percent from the previous financial year primarily due to the net modification loss arising from the moratorium extended to its customers.
Khairussaleh Ramli, Group Managing Director of RHB Banking Group, said, “We thank our shareholders for their continued trust in the Group during these most challenging times. While FY2021 will be another challenging year, we expect to record a better performance compared to our performance in FY2020.”
“The company is currently focused on executing FIT22 strategic initiatives, includes growing the affluent business, strengthening our SME customer base through ecosystems, increasing our share of wallet from large cap and enhancing our penetration in the mid cap segments,” he added.
At the AGM, the shareholders amongst others approved a Dividend Reinvestment Plan (DRP) which provides the Shareholders with an option to elect to reinvest their cash dividend in new ordinary shares of RHB Bank, and pursuant to the establishment of the DRP.
The shareholders also approved a single-tier final dividend of 7.65 sen per share in respect of the financial year ended December 31 2020.
Together with the interim dividend of 10.0 sen, total dividend for FY2020 amounts to 17.65 sen per share or equivalent to a 34.8 percent payout ratio.
Board members, Ahmad Badri Bin Mohd Zahir, Ong Leong Huat Wong Joo Hwa, Ong Ai Lin, Donald Joshua Jaganathan, and Iain John Lo retired at the AGM and were re-elected by the shareholders during the proceedings. All resolutions tabled during the AGM were also duly passed by the shareholders of RHB Bank.
This AGM marks the second time it been conducted virtually for the year ended Dec 31.