KUALA LUMPUR: RHB Bank Bhd's net profit rose 10.21 per cent to RM700.5 million in the third quarter (Q3) ended September 30, 2022 from RM635.6 million a year ago.
This is due to higher net fund based income, absence of modification loss (ML) and lower expected credit losses (ECL).
RHB's earnings per share stood at 16.63 sen compared with 15.64 sen in the same quarter in 2021.
The bank's revenue rose to RM3.48 billion from RM3.03 billion last year.
For the nine months, RHB's net profit was RM1.94 billion, slightly lower than RM1.99 billion in the same period in 2021 while revenue edged up to RM9.33 billion from RM8.86 billion previously.
Year-to-date, the group reported a 5.8 per cent increase in total assets to RM306.4 billion as at Sept 30 this year, representing a net assets per share of RM6.66, with shareholders' equity at RM28 billion.
The bank's gross loans and financing grew 5.7 per cent year-to-date to RM209.7 billion, mainly supported by growth in mortgage, auto finance, small and medium enterprises (SME), commercial, Singapore and Cambodia.
Domestic loans and financing grew 4.3 per cent year-to-date.
RHB group managing director and chief executive officer Mohd Rashid Mohamad said there was likely to be continued challenges of limited fiscal space, inflationary pressures and labour shortages in 2023.
However, Mohd Rashid said the bank's fundamentals remained strong and it would continue to closely monitor asset quality moving forward.
"We are also mindful that some of our customers are still recovering from the impact of the Covid-19 pandemic and as such, will continue providing the necessary support and assistance especially to the most vulnerable groups within the community," he added.