RHB Group reported its quarter 3 and year-to-date earnings, its net profit for the nine months ended 30 September 2023 rose 16.4% YOY to RM2.22 billion mainly due to higher non-fund-based income and lower ECL.
Total income was RM5.75 billion from higher non-fund based income. Net fund-based income was RM4.11 billion on the back of higher funding costs, mainly due to fixed deposit growth of 14.9% YOY. Net interest margin for the quarter was 1.85%. Non-fund-based income was RM1.64 billion, primarily from the higher net gain on forex and derivatives and net trading and investment income.
For the third quarter FY2023, the Group’s net profit for 3QFY2023 of RM649.9 million was 6.5% lower than the RM695.4 million achieved in the corresponding quarter last year mainly due to lower net fund-based income.
