RHB group managing director and CEO Datuk Mohd Rashid Mohamad
KUALA LUMPUR: RHB Bank aims to sustain strong growth in the new financial year, after wrapping FY24 with a stronger performance marked by income growth.
During the 12-month period, the group reported a net profit of RM3.12bil, up from RM2.81bil in FY23.
Revenue rose to RM17.91bil from RM16.58bil in the previous year, while earnings per share climbed to 72.02 sen from 65.69 sen.
In the fourth quarter alone, the group posted a net profit of RM834.54mil as compared to RM585.91mil in the year-ago quarter, while revenue rose to RM4.58bil from RM4.4bil in the previous comparative quarter.
The group declared a second interim dividend of 28 sen per share, which brings the total FY24 dividend to 43 sen per share.
"Our strong financial performance for FY24 underscores the effectiveness of our Together We Progress 24 (TWP24) corporate strategy, which has driven steady growth and enhanced operational efficiency," said group managing director and CEO Datuk Mohd Rashid Mohamad.
"We will also continue to uphold rigorous risk management practices to navigate market uncertainties.
"This momentum sets a strong foundation for our next phase of growth as we embark on our new strategic direction, PROGRESS27, to further strengthen our resilience and position RHB for future success.”
In FY24, RHB's net fund based income increased 6.2% year-on-year (y-o-y) to RM5.8bil driven by higher funding income from a 6.9% y-o-y growth in gross loans.
Net interest margin (NIM) improved four basis points y-o-y to 1.86%, while effective NIM was 1.96%.
Non-fund based income increased 21.3% y-o-y to RM2.8bil, primarily due to higher fee income, net gain on forex and derivatives, net trading and investment income, net insurance income and one-off gain from the disposal of RHB Securities Vietnam Company Limited and RHBSecurities (Thailand) Public Company Limited of RM33.6mil and RM51.6mil respectively.
On balance sheet, the group’s gross loans grew 6.9% y-o-y to RM238bil, while customer deposits was RM250bil with a current account savings account (Casa) composition of 27.6%.
