RHB Banks Bhd achieved a pre-tax profit of RM890.550 million on the back of a turnover of RM2.587 billion for the first quarter ending March 31 from a pre-tax profit of RM863.955 million on the back of a turnover of RM2.904 billion previously.
In a Bursa Filing, it said that The Group reported a pre-tax profit of RM890.6 million for the first three months ended 31 March 2022, 3.1% higher than RM864.0 million recorded a year ago.
The year-on-year improvement was mainly due to higher net funding income, lower modification loss, lower operating expenses, and lower allowances for credit losses, offset by lower non-fund-based income.
Net fund-based income increased by 3.8% to RM1,470.7 million year-on-year on the back of a 2.7% increase in gross fund-based income, supported by gross loans and financing the growth of 7.0%.
“The Group’s first-quarter performance was commendable despite the challenging business environment. Our fundamentals remain solid and this is reflected by our strong capital ratio and liquidity levels.
Our asset quality remains strong with healthy loan loss coverage of 125.7%. Going forward, we will remain prudent in managing the business and will focus on driving responsible growth, as well as managing our asset quality.
We will also continue to provide the appropriate assistance to our customers who remain impacted by the COVID-19 pandemic. We anticipate stronger economic growth in FY2022, riding on the country’s high vaccination rate and the resumption of all economic activities. In light of this and to address the accelerated shifts in customer behaviour and preferences, especially over the last couple of years, we have now launched our new 3-year strategy 2022 – 2024, ‘Together We Progress 24’ (“TWP24”), which will drive our ambition to be a leader in Service Excellence,” said Mohd Rashid Mohamad, Group Managing Director and Group Chief Executive Officer of RHB Banking Group in a statement
