Business

Thursday November 19, 2009

RHB Capital posts lower Q3 profit


KUALA LUMPUR: RHB Capital Bhd posted lower net profit of RM334.8mil for the third quarter ended Sept 30, against RM358.3mil in the same period last year.

Earnings per share (EPS) was lower at 15.5 sen from 16.6 sen in the year-earlier period. Revenue for the period was also lower at RM1.34bil.

In a filing with Bursa Malaysia yesterday, RHB said its net profit for the nine-month period ended Sept 30 rose 1.54% to RM865mil.

“The higher profit was mainly due to higher net interest income by RM135.3mil, higher income from Islamic banking business by RM40.6mil and higher reversal of impairment loss by RM30.3mil; it’s partly offset by higher allowance for losses on loans and financing by RM179.2 mil, lower other operating income by RM6.1mil and higher other operating expenses by RM20.1mil,” RHB said.

Revenue, however, fell 10.4% to RM4.03bil for the nine-month period. EPS was higher at 40.20 sen against 39.60 sen posted a year ago.

The banking group’s gross loans, advances and financing increased by RM3.8bil or 6% in the nine-month period to reach RM67bil as at Sept 30. Its domestic loan approvals grew by 10.3% in the first nine months of 2009. Domestic loans market share stood at 8.3% as at end-September.

RHB’s net non-performing loan ratio remained stable at 2.37%, marginally lower than the 2.52% registered as at June. Loan loss coverage stood at 86% as at Sept 30. For the first nine months, the group’s customer deposits grew by RM8.1bil or 11%, largely due to the increase in fixed and demand deposits by 13% and 7% respectively.

“In line with the anticipated improvement in the domestic economy and underpinned by the group’s strengthening performance, the group expects to achieve a satisfactory performance in 2009,” RHB Capital chairman Datuk Mohamed Khadar Merican said in a statement.


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