RHB Bank profit up 40% lifted by lower impairments

RHB Banking group managing director Datuk Khairussaleh Ramli (pic) said this was primarily due to lower impairment losses on loans and higher net funding income achieved in the second quarter, offset by higher impairment losses on other assets, lower non-fund based income and higher operating expenses.

PETALING JAYA: RHB Bank Bhd, which missed out on the opportunity to solidify its position as the fourth largest bank by assets following the collapse of its merger deal with smaller rival AMMB Holdings Bhd, reported a 40% rise in net profit to RM500.96mil in the second quarter ended June 30, 2017 (2Q17).

This came mainly on the back of lower impairment losses on loans and other assets related to the oil and gas sector. In the same quarter a year ago, the banking group had made a net profit of RM350.17mil.