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RHB Bank 4Q Profit Rose

   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 ben.otto@wsj.com

 

(END) Dow Jones Newswires

February 27, 2020 01:52 ET (06:52 GMT)

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