KUALA LUMPUR: RHB Bank Bhd’s net profit increased 7.9 per cent in the second quarter (Q2) ended June 30, 2019 to RM615.41 million from RM570.26 million recorded in the same quarter a year ago.
This was attributable mainly to higher non-fund based income and lower expected credit losses (ECL) on loans.
RHB Group’s revenue in Q2 increased 12.04 per cent to RM3.42 billion from RM3.05 billion.
For the six months, RHB Bank’s net profit increased 7.3 per cent to RM1.25 billion from RM1.16 billlion, while revenue improved to RM6.77 billion from RM6.18 billion.
Meanwhile, RHB Bank group managing director Datuk Khairussaleh Ramli said it expects to conclude the disposal of up to 94.7 per cent its general insurance business to Tokio Marine Asia Pte Ltd by end of Q1 next year.
Khairussaleh said the group expects Tokio Marine to complete its due diligence exercise by November this year before submitting the application to Bank Negara Malaysia.
“We hope we can complete the discussion by end of October, and by make submissions to Bank Negara by November.
“If everything goes well, we expect to conclude the deal by the end of Q1 next year,” he told reporters at RHB Bank’s first half (H1) 2019 financial results briefing here today.
On July 29, RHB Bank received the approval from the central bank to start negotiations for the proposed sale of its general insurance business to Tokio Marine.