RHB Bank Bhd (RHB Bank) recorded a net profit of RM635.59 million in the third quarter ended September 30, 2021, from RM622.25 million a year ago due to higher total revenue.
In a statement, RHB Bank says “The increase in net profit was contributed by higher net fund-based income and lower net renovation loss, partially offset by higher allowances for credit losses, higher operating expenses, and lower non-fund-based income.
“The bank’s net fund-based income increased to RM4.34 billion driven by proactive funding cost management, a decrease of 28.9 percent year-on-year supported by current account savings account (CASA) growth of 4.8 percent.”
Revenue increased to RM3.03 billion from RM2.95 million previously, RHB Bank said in a filing to Bursa Malaysia today.
For the nine months, net profit increased to RM1.99 billion from RM1.59 billion while revenue declined to RM8.86 billion from RM9.42 billion.
Meanwhile, RHB Bank said non -fund -based income declined to RM1.74 billion, mainly from net trading and lower investment income which offset higher insurance underwriting surplus and growth in fee income from the capital market, asset management, and commercial banking.
Overall, the group’s total assets increased 3.6 percent from December 2020 to RM280.9 billion as of September 30, 2021.
