KUALA LUMPUR, May 29 — RHB Bank Bhd’s net profit in the first quarter ended March 31, 2020 fell 9.4 per cent to RM570.88 million from RM630.19 million in the same period last year. Revenue slipped to RM3.23 billion from RM3.35 billion. In a filing with Bursa Malaysia today, RHB said the...
In a filing with Bursa Malaysia today, RHB said the year-on-year earnings decline was mainly due to higher allowances for credit losses and lower non-funding income, partially offset by higher net funding income and lower operating expenses. — Reuters pic
But this was offset by lower non-fund based income and higher allowances for expected credit losses , it said. RHB said allowances for credit losses were at RM151.4 million, primarily due to higher allowances for loan impairment and higher allowances written back for financial investments at amortised cost and financial assets at fair value through other comprehensive income in the corresponding year.
RHB added that its gross impaired loans remained relatively stable at RM3.5 billion, with gross impaired loans ratio at 2.0 per cent.
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