RHB Bank : Net Profit Declines on Higher Allowances for Credit Losses

By Chester Tay

RHB Bank Bhd.'s first-quarter net profit fell 9.4% due to higher allowances for credit losses and lower nonfunding income.

Net profit fell to 570.9 million ringgit ($131.2 million), while net interest income rose 1.6% to MYR894.5 million, the lender said Friday.

Separately, RHB's managing director, Khairussaleh Ramli, said it is still early days for the management to evaluate the full extent of the coronavirus pandemic's impact on its business.

"We can expect our financial performance to be affected in this financial year. However, we are confident that our healthy liquidity position and strong capital base will help us steer through these challenging times," he said.

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