KUALA LUMPUR, Aug 29 — RHB Bank Bhd’s net profit for the first half of 2023 (1H 2023) ended June 30, 2023, rose 29.5 per cent to RM1.57 billion from RM1.21 billion registered...
KUALA LUMPUR, Aug 29 — RHB Bank Bhd’s net profit for the first half of 2023 ended June 30, 2023, rose 29.5 per cent to RM1.57 billion from RM1.21 billion registered in the same period last year.For the second quarter of 2023 , RHB’s net profit increased to RM808.70 million from RM630.07 million a year ago, while revenue climbed to RM4.05 billion from RM2.95 billion registered in the same quarter last year.
“ECL reduced 144.4 per cent primarily due to writeback of management overlay. Excluding writebacks, normalised credit cost stood at 0.21 per cent compared with 0.27 per cent for the same period last year,” the bank said. Moving forward, RHB said Malaysia is expected to sustain its economic growth momentum throughout the remainder of the year, anchored by resilient domestic demand.
Group managing director and group chief executive officer Mohd Rashid Mohamad said the group continued to deliver sustained financial performance for 1H 2023 despite the challenging economic and business environment.
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