RHB is Set to Maintain its Growth in Coming Years

Given the present economic outlook, RHB Capital Berhad is set to deliver another improved performance of its portfolios & financial growth, in its 14th Annual General Meeting report, which was  held at Prince Hotel, Kuala Lumpur today.

RHB’s pre-tax profit of RM1,422.4 million for financial year ended 31 December 2008 has marked an improvement of 25% increase, as compared to RM1,136.9 registered last year. This improved performance was attributed by higher net income by RM56.6 million lower allowances for losses on loans, financing and other losses by RM74.5 million and lower impairment loss by RM51.9 million.

The higher net income was driven by an increase in gross loans and advances by 11.2% or RM6.3 billion to RM63.2 billion as well as benefits from capital management exercise. Net profit for the Group increased by 47% from RM712.9 to RM1,048.7, bolstered by the Group’s acquisition of the minority in RHB Bank Berhad.

As the fourth largest fully integrated financial services group in Malaysia, the Group intends to continue its aim towards becoming a leading financial institution in ASEAN.