KUALA LUMPUR: RHB Bank Bhd's net profit grew 28.2 per cent to RM833.19 million in the third quarter ended Sept 30, 2024 (3Q24) from RM649.95 million a year ago, underpinned by higher total income and lower expected credit losses (ECL).
The bank's quarterly revenue rose 6.9 per cent to RM4.51 billion from RM4.22 billion previously, its filing to Bursa Malaysia showed.
RHB's earnings per share was higher at 19.11 sen compared to 15.16 sen in 3Q23.
No dividend was declared for the quarter under review.
For the cumulative nine months (9M24), RHB registered a higher net profit of RM2.29 billion from RM2.22 billion a year ago, while revenue increased to RM13.33 billion from RM12.18 billion previously.
Meanwhile, the group said its total income increased 11.3 per cent year-on-year (YoY) to RM6.4 billion, driven by growth in both net fund based and non-fund based income.
Its cost-to-income ratio (CIR) improved to 46.0 per cent, down from 47.1 per cent a year ago.
The group's gross loans rose 2.3 per cent year-to-date (YTD) to RM227.5 billion, driven by growth in group community banking and commercial segments.
RHB's customer deposits remained steady at RM238.3 billion, with current account savings account (CASA), making up 28 per cent of total deposits.
Islamic financing contributed a notable 44.5 per cent of total domestic loans and financing.
The bank's return on equity (ROE) improved to 9.8 per cent, up from 9.6 per cent in 1H24.
RHB group managing director and group chief executive officer Datuk Mohd Rashid Mohamad said the performance for 9M24 highlights its commitment to delivering sustainable value through its corporate strategy, Together We Progress 2024 (TWP24).
"Our consistent income growth, enhanced cost efficiency, and progress in sustainable finance reinforce our role as a strategic partner to businesses, particularly SMEs, as they navigate their transition toward low-carbon practices.
"By driving double-digit income growth, we are reinforcing our commitment to delivering value for our shareholders," he said in a separate statement.
Mohd Rashid said the group is harnessing advanced technology and customer-centric innovations to empower its clients, both individuals and businesses, at every stage of their financial journey.
He noted that TWP24 not only strengthens the group's core operations but also positions RHB as a leader in driving meaningful progress across communities and industries, fostering a resilient and forward-thinking financial ecosystem.
RHB expects continued stability in Malaysia, with gross domestic product growth projected at 5.0 per cent in 2025 and the overnight policy rate anticipated to remain at 3.0 per cent.