RHB CAPITAL CONTINUES STRONG PERFORMANCE - Net profit nearly doubles from last financial year
Kuala Lumpur, 08 December 2003-RHB Capital Berhad ("RHB Capital") announced today at their Annual General Meeting ("AGM"), the Group's strong financial year end 2003 results (ending June 30). The almost double increase in net profit to RM250.6 million in 2003, as compared to RM127.0 million in 2002 reinforced its position as the leading financial products and services group in Malaysia.
This increase is recorded on the back of an improvement in its pre-tax profit of 30 percent to RM521.5 million in FY2003 (compared to FY2002). This also raised the group's earnings per share to 13.7 sen, from 7.0 sen previously.
For the financial year ended June 30,2003, the Board of Directors declared gross dividends of 7.5 sen, less income tax at 28 percent. This is compared to 2.0 sen (less income tax at 28 percent) in FY2002.
In his opening remarks to shareholders at the AGM, RHB Group Executive Chairman, Dato Sri Sulaiman Abdul Rahman Taib, attributed the enhanced financial performance for the Group to the following:
- A notable rise in non-interest income to RM657.6 million (up 19 percent from FY2002);
- Skim Perbankan Islam''''s (Islamic Banking) income contribution increasing 49 percent to RM105.0m in FY2003;
- An improvement in its asset quality as net Non-Performing Loans (NPL) ratio declined (from 9.5 percent in FY2002 to 8.5 percent in FY2003) and,
- Stronger performances by its banking operations due to better operating efficiencies, improvement in risk management and innovative marketing initiatives, particularly in the area of consumer banking.
Moving forward, the Group is confident of further improvements in the Group''''s operations which will likely translate into achieving better financial performance.
In review, Dato Sri Sulaiman remarked that "The Group-wide initiatives implemented over the last financial year will tap on our extensive network and resources, ultimately bringing greater benefits to our stakeholders. We will continue to invest in customer and product research to extend product choice while deepening customer relationships and providing value added services".
Despite a difficult year, the Group remains optimistic about overall performance for 2004. Having made tremendous progress so far, including the successful integration of RHB Bank and the former Bank Utama, Dato Sri Sulaiman, said "We turned in a solid performance for our financial year end 2003 results, which is a promising indicator. The business outlook for next year remains equally challenging, but we are confident in meeting the challenges of globalised competition".
He concluded, "We remain firmly committed to the pledge in establishing the RHB Group as the premier financial products and services group in Malaysia".
Issued by RHB Public Affairs & Communications. For more details, contact Yeoh Guan Jin at Tel: Issued by : Ogilvy Public Relations Worldwide Sdn Bhd
On Behalf of : RHB Bank Berhad
For further information, please contact Chong Ee Rong at Tel: 03 - 2718 8267 or Tisha Zarina at Tel: 03 - 2718 8269 or Fax at 03 - 2710 6966
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