RHB CAPITAL BERHAD RECORDS HIGHER PROFIT BEFORE TAX OF RM 141.7 MILLION WHILE RASHID HUSSAIN BERHAD TURNS AROUND WITH A PROFIT BEFORE TAX OF RM 49.4 MILLION FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2001 COMPARED TO THE PRECEDING QUARTER ENDED 30 JUNE 2001.
- RHB Bank Berhad ("RHB Bank) records profit before tax of RM 112.1 million
- RHB Sakura Merchant Bankers Berhad ("RHB Sakura") records profit before tax of RM 26.2 million
- RHB Delta Finance Berhad ("RHB Delta") records profits before tax of RM 12.0 million
Kuala Lumpur, 9 November 2001-RHB Capital Berhad ("RHB Capital") and Rashid Hussain Berhad ("RHB") today announced its financial results for the first quarter ended 30 September 2001. RHB Capital recorded a consolidated profit before tax of RM 141.7 million, higher than the profit before tax of RM 81.9 million recorded in the preceding quarter ended 30 June 2001 while RHB showed a positive turnaround with Group profit before tax achieved of RM 49.4 million compared to a loss of RM 13.2 million in the preceding quarter.
The higher profit before tax for RHB Capital was due primarily to lower loan loss provisions made which decreased from RM 202.2 million in the previous quarter to RM 155.8 million in the first quarter ended 30 September 2001. However, compared to the corresponding period a year ago, profit before tax was lower.
Similarly, RHB's turnaround to profitability compared to the preceding quarter ended 30 June 2001 was also due primarily to lower loan loss provisions. However, compared to the corresponding period a year ago, profit before tax was lower in line with the results of RHB Capital.
RHB Sakura, the Group's merchant banking arm, recorded a slightly higher profit before tax of RM 26.2 million compared to the profit in the preceding quarter ended 30 June 2001 of RM 25.7 million. However, compared to the corresponding first quarter ended 30 September 2000, RHB Sakura recorded a marginally lower profit before tax. RHB Sakura's Risk Weighted Capital Adequacy Ratio remains at a very strong level of 24.7%.
RHB Bank, meanwhile, recorded a profit before tax of RM 112.1 million for the first quarter ended 30 September 2001 compared to the previous quarter ended 30 June 2001. Non-interest income grew by 36.4% to RM 109.4 million due to higher trading and investment gains. Consumer banking continued to show steady loans growth of 4.1% although the overall loans growth remained subdued given current economic conditions. The Bank's net non-performing loans ratio as at 30 September 2001 was 8.1% while its Risk Weighted Capital Adequacy Ratio remained strong at 12.6%, higher than the 12.4% as at 30 June 2001. Provision coverage on NPLs was at 56.8% and 133.7% including collateral.
Contribution from RHB Delta was also higher with profit before tax totalling RM 12.0 million compared to RM 6.2 million in the preceding quarter ended 30 June 2001.
Looking ahead, the RHB Group has proactively put in place various measures to drive change and transform its business operations taking into account that recent economic developments are expected to make the current year's financial performance more challenging for the Group.
Issued by RHB Public Affairs & Communications. For more details, please contact Celina May Ong at Tel 03-9802534 content
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