RHB Capital Q3 profit rises to RM125mil

RHB Capital Bhd recorded pre-tax profit of RM125.1mil for the third quarter ended March 31, up 30.16% from RM96.1mil in the previous corresponding quarter.  

This improvement was despite a marginal drop in revenue to RM880.1mil from RM881.5mil previously. 

For its first nine months, RHB posted pre-tax profit of RM389.6mil on RM2.76bil revenue, up 23.8% and 8.3% from RM314.8mil and RM2.47bil respectively in the same period in 2003. 

Group loan loss provisions declined 33% to RM308.8mil while gross non-performing loans remained stable in the third quarter. 

The group experienced some growth in gross loan and advances during the quarter to RM46.2bil, benefiting from the higher level of economic activity in the financial quarter. 

RHB Bank Bhd remained the largest profit contributing subsidiary, recording a 19% growth in pre-tax profit before irredeemable non-cumulative convertible preference shares dividend, taxation and zakat to RM303.6mil for the nine-month period.  

RHB Bank had a risk weighted capital adequacy ratio of 13.2% as at March 2004.  

Income from Skim Perbankan Islam operations grew by 33% in the nine-month period to RM92.6mil. 

Non-interest income improved by 4% to RM460mil, as the group continued to capitalise on recovering equity market conditions.  

RHB Securities Sdn Bhd posted pre-tax profit of RM22.9mil for the nine months, compared with a loss of RM28.5mil previously. 

RHB executive chairman Datuk Seri Sulaiman Abdul Rahman Taib said in a statement the group’s financial performance remained strong, in line with continued recovery of the Malaysian economy, with marked improvement across its subsidiaries. 

RHB has declared a second interim dividend of 3.5 sen per share. Total dividend declared to date is 6.5 sen per share. 

 RHBCAP :  [Stock Watch]  [News]

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