By Ben Otto
RHB Bank Bhd.'s fourth-quarter net profit rose nearly 10% on higher fund-based and non-fund-based income as well as the absence of impairments on other nonfinancial assets.
The Malaysian bank said Thursday that net profit for the quarter was 621.0 million ringgit ($147.0 million), compared with MYR565.4 million a year earlier.
Net interest income rose to MYR931.2 million from MYR897.6 million a year ago, it said.
The bank's gross loans and financing rose 4.3% to MYR176.2 billion on growth in mortgages, small and medium-size enterprise loans and Singapore loans, RHB said.
The group's market share for domestic loans stood at 9% at the end of 2019, RHB said.
For the full year, the bank's net profit rose 7.7% to MYR2.48 billion, while its net interest income fell 1.2% to MYR3.61 billion.
RHB said 2020 will likely remain challenging, with a recent central-bank rate cut and the prospect of more expected to hurt its net interest income.
Write to Ben Otto at firstname.lastname@example.org
(END) Dow Jones Newswires
February 27, 2020 01:52 ET (06:52 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.