RHB Bank Berhad announced its financial performance for the financial year ended 31 December 2024, achieving a net profit of RM3.1 billion, an 11.2% increase year-on-year from RM2.8 billion in FY2023. This was on the back of higher revenue of RM17.9 billion.
The Group’s total income rose 10.7% Y-o-Y to RM8.6 billion, which it said was driven by strong net fund based and non-fund based income growth. The Group’s cost-to-income ratio improved to 46.7% from 47.5% Y-o-Y, while Return on Equity improved to 10.04%.
For the quarter, the group recorded a profit of RM834 million which was higher compared to RM585 million achieved in the previous year’s quarter.
Dato’ Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group said, “Our strong financial performance for FY2024 underscores the effectiveness of our Together We Progress 24 (TWP24) corporate strategy, which has driven steady growth and enhanced operational efficiency. Achieving a net profit of RM3.1 billion and improved ROE of 10.04%
The Group declared a second interim dividend of 28 sen per share, bringing the total FY2024 dividend to 43 sen per share. This translates to a 60.1% payout ratio and a 6.6% dividend yield.
