Bank Rakyat net profit jumps to RM915m in H1
KUALA LUMPUR: Bank Rakyat has posted a net profit of RM915 million in the first half of this year ended June 30, a 10.5 per cent rise from RM828.3 million from the same period last year.
The bank said its profit before tax and zakat (tithe) also increased by five per cent to RM1.11 billion from RM1.06 billion in the same period last year.
"The higher profits were attributable to income from financing and fee-based activities. The bank's gross financing balance increased by 9.9 per cent, or RM5.27 billion, to RM58.45 billion.
"The gross consumer financing rose by 10.7 per cent, or RM5.02 billion, to RM52.06 billion compared with RM47.05 billion last year," it said in a statement.
Bank Rakyat's total asset grew by 9.3 per cent year-on-year to RM84.70 billion from RM77.5 billion before. This was driven by the growth in financing to customers and its returns on assets remained strong at 2.9 per cent.
"The asset quality in the first half remained sustainable with gross impaired financing ratio cut to 2.4 per cent from 2.9 per cent last year and the financing loss coverage ratio stayed at 130.2 per cent than 109.2 per cent last year," it said.
The bank also saw growth in deposits by 7.2 per cent to RM67.94 billion in June this year compared with RM63.38 billion, of which retail deposits accounted for 13.6 per cent compared with 10.6 per cent in 2012.
Meanwhile, shareholders' fund rose by 14 per cent, or RM1.30 billion, to RM10.59 billion from RM9.29 billion previously due to a net profit rise for the current year.
Bank Rakyat's first-half risk weighted capital ratio also continued to be high at 15.5 per cent while core capital ratio stood at 15.2 per cent. Bernama
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