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New Straits Times
6 days ago
- Business
- New Straits Times
RHB Bank's 1Q profit rises to RM750.03mil
KUALA LUMPUR: RHB Bank Bhd posted a higher net profit of RM750.03 million for the first quarter ended March 31, 2025 (1Q 2025) compared with RM730.17 million in the same period last year. The year-on-year (y-o-y) improvement was mainly due to higher net funding income and lower allowances for credit losses, offset by lower non-fund-based income, higher tax expense, higher operating expenses and higher share of loss in associates. Revenue, however, slid to RM4.39 billion from RM4.40 billion in 1Q 2024. In a filing with Bursa Malaysia today, RHB Bank said net fund-based income increased by 7.3 per cent to RM1.48 billion y-o-y on the back of gross loans and financing growth of 6.3 per cent. It added that the group's gross loans and financing grew by 6.3 per cent y-o-y to RM239.2 billion, mainly supported by growth in mortgage, corporate, commercial and auto finance. RHB Banking Group's group managing director and group chief executive officer, Datuk Mohd Rashid Mohamad, said the company sustained its earnings growth momentum in the first quarter, underpinned by solid fundamentals and early traction from the group's three-year PROGRESS27 strategic roadmap. "Our cost optimisation efforts are beginning to deliver results, enabling us to contain expenses while driving growth in key segments. "At the same time, our continued focus on asset quality has led to a reduction in credit cost. We remained disciplined in execution, strengthening our core capabilities, driving operational excellence, and unlocking new growth opportunities," he said. On outlook, the group maintained a cautious stance amidst evolving macroeconomic conditions shaped by interest rate movements and global trade dynamics. "The recent reduction in the statutory reserve requirement by Bank Negara Malaysia is expected to provide funding flexibility in the quarters ahead. "With focused execution priorities, from simplifying customer journeys to advancing our sustainability ambitions, we are well-positioned to deliver near-term value while unlocking long-term value for all stakeholders," he added.
The Star
20-05-2025
- Business
- The Star
RHB Bank cautious about Malaysia's export outlook despite April surge
KUALA LUMPUR: RHB Bank Bhd has maintained a cautious outlook on Malaysia's export performance despite a surge in April exports, citing persistent global uncertainties and potential risks from United States (US) tariff policy developments. In its latest Global Economics and Market Strategy report, RHB Bank economist Chin Yee Sian said Malaysia's April exports rose by 16.4 per cent year-on-year (y-o-y) - significantly higher than the 7.5 per cent market consensus and its 10.3 per cent projection - but the momentum may not sustain. "Despite recent positive developments in the de-escalation of trade tensions, driven by progress in US-China talks, we urge caution against premature optimism. "In the near term, exports - especially to the US - may receive a temporary boost from front-loading during the 90-day US tariff pause, but lingering uncertainty and potentially weaker global demand may continue to weigh on Malaysia's trade performance in the months ahead,' she said. Chin said the tariff suspension is scheduled to expire on July 8, and there is no clear indication whether the exemption will be extended to other economies beyond China and the United Kingdom. "Further uncertainties remain, especially if US President Donald Trump raises universal tariffs to 20 per cent (up from the current 10 per cent). "Additionally, proposed US tariffs on Chinese imports stand at 30 per cent, still short of the 60 per cent target Trump highlighted as a key pillar of his 2024 re-election campaign,' Chin said. She said the 10 per cent US tariff on Malaysian goods - potentially rising to 24 per cent after the 90-day suspension - positions Malaysia as a direct target of US tariff policy. "Additionally, potentially slower growth in major economies and lingering uncertainties over tariff tensions, especially after the 90-day pause period, pose significant downside risks to Malaysia's trade and economic outlook, prompting a more cautious stance,' she said. She added that export-oriented sectors reliant on demand from the US and China, such as electrical and electronic products, crude materials, and machinery, are likely to be hit the hardest by direct US tariffs and broader trade tensions. Despite the external uncertainties, she said Malaysia's efforts to diversify export markets and strengthen trade pacts such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP) are strategic steps to reduce reliance on any single market and boost regional cooperation. "Additionally, Malaysia's neutral stance in trade and geopolitical matters allows it to avoid being directly impacted by conflicts between major economies, positioning the country to benefit from diversified trade relationships. "These factors help insulate Malaysia from the full impact of global trade tensions and tariff policies, fostering a more resilient economic outlook,' she said. CPTPP and RCEP are multilateral trade agreements aimed at reducing tariffs, enhancing market access, and strengthening economic integration among member countries across Asia-Pacific. - Bernama
The Star
13-05-2025
- Business
- The Star
US-China tariff development positive for Malaysian equity market
A man walks by a trading screen at Bursa Malaysia KUALA LUMPUR: The United States (US)-China agreement to temporarily reduce tariff is broadly positive for the local equity market, as it reduces the risk of a US and global recession and leads to higher net foreign inflows, said CIMB Securities Sdn Bhd. "We are maintaining our KLCI target of 1,657 points, with a review planned following the first quarter of 2025 (1Q 2025) earnings season. "We continue to prefer domestic-oriented companies with stable dividend yields, particularly in the banking, telecommunications, utilities, construction and healthcare sectors to provide shelter from tariff-related headwinds," it said in a note. The securities house said Malaysian banks could benefit from the development, given their liquidity and role as direct proxies for the domestic economy. Public Bank, RHB Bank and Alliance Bank Malaysia (ABMB) are its top picks for the banking sector. The plantation sector may also benefit from stronger global edible oil demand and higher crude oil prices if the economy improves, with IOI Corporation as its top pick. CIMB Securities said easing trade tensions could support global semiconductor demand as Malaysian technology players continue to retain a competitive edge, because the temporary fall in US tariffs on Chinese goods remains higher than those imposed on Malaysian goods. Additionally, it believes Malaysian glove manufacturers will continue to enjoy a cost advantage, as the US tariff on Malaysian imports remains at 10 per cent compared with the 30 per cent imposed on Chinese imports. CIMB Securities has chosen Inari Amertron and MPI Tech for the technology sector; top picks among glove makers are Kossan and Supermax. "We are removing SD Guthrie from our top picks list, following a recent rating downgrade. Our updated top picks are CelcomDigi, Gamuda, Public Bank, Farm Fresh, RHB Bank, Tenaga Nasional, IHH Healthcare and 99 SpeedMart," it said. It was reported that the US and China have agreed to lower tariffs on each other's products for the next 90 days, signalling a de-escalation in the ongoing trade war between the world's two largest economies. Under the agreement negotiated in Geneva over the past weekend, the US will reduce additional tariffs on Chinese goods to 30 per cent from 145 per cent, while China will cut tariffs on US imports to 10 per cent from 125 per cent. China also announced that it will cancel or suspend certain non-tariff measures previously imposed on the US. - Bernama
The Star
03-05-2025
- Business
- The Star
Travel fair in Penang set to attract 45,000
(From left) Leong, Hamzah, Tien and Chan at the press conference in George Town. — CHAN BOON KAI/The Star Malaysian Association of Tour and Travel Agents (MATTA) has geared up for a bigger MATTA Fair Penang this year. Scheduled to take place at Setia SPICE Arena on May 24 and 25, the fair will shine a spotlight on local destinations in support of the Visit Malaysia 2026 campaign, said the event organising chairman Datuk Hamzah Rahmat. International travel packages will also be available. 'MATTA Fair Penang has always been more than just a travel exhibition. It's a platform for growth, innovation and opportunity. 'This year the fair is expected to attract about 45,000 visitors, with projected sales reaching RM78mil over the two-day event, making it the leading travel fair in the northern region,' he said during a press conference in Jalan Macalister, George Town. Hamzah said 260 booths had been booked by tour operators and tourism industry players who would be showcasing their products and services at the fair. Last year, the fair managed to attract about 40,000 visitors and generated about RM40mil in sales, he said. RHB Bank, being the event's exclusive Platinum Sponsor, will unveil a comprehensive suite of travel-focused financial offerings, including exclusive travel perks all tailored for today's increasingly mobile and experience-driven consumers. 'This strategic collaboration between MATTA and RHB Bank reflects a shared commitment to creating high-impact opportunities for industry players and consumers alike,' said Hamzah. 'With RHB Bank as our exclusive Platinum Sponsor, we're not only empowering our exhibitors but also giving travellers practical tools to make their journeys more affordable, seamless and rewarding. 'RHB's exclusive offerings add real value to the travel planning process, making their cards a must-have for anyone serious about travel,' he added. RHB Banking Group regional director Joe Tien said the fair's visitors who apply for the bank's Multi-Currency Visa Debit Card could have application fees waived. 'RHB aims to support travellers and travel industry players in unlocking exciting journeys through smart, accessible and rewarding financial solutions. 'The debit card allows users to transact with ringgit and up to 33 foreign currencies, enjoying access to a fast, simple and seamless online banking experience wherever they go,' he said. Also present were MATTA Penang chapter chairman Carolyn Leong and RHB Bank Lebuh Pantai branch manager Chan Suet Bee. Admission to the MATTA Fair Penang event is free.
Yahoo
17-02-2025
- Health
- Yahoo
Premium care at ‘fraction of the cost': Why medical tourists are flocking to Malaysia for their nips and cuts
KUALA LUMPUR, Feb 17 — Malaysia's medical tourism industry generated RM2.13 billion in revenue last year, surpassing the RM1.4 billion projected by the Malaysia Healthcare Travel Council (MHTC) in 2021. Why did 1.26 million international patients seek medical care in Malaysia? Besides the good doctors and internationally accredited and award-winning hospitals, private healthcare in Malaysia is comparatively more affordable than some other countries. 'Patients can access premium medical care at a fraction of the cost compared to other leading medical tourism destinations, including the United States, Europe, and neighbouring Asian countries,' MHTC said. Treatments in gastroenterology, obstetrics, and gynaecology were the most sought-after by healthcare travellers. In-vitro fertilisation treatment costs from RM13,000 to RM17,000 per session in Malaysia, but would runs around US$15,000 to US$20,000 (RM67,000 to RM89,000) in the United States, and about US$6,000 to US$12,000 in Thailand, according to RHB Bank's 22024 Medical Tourism in Asean report. 'This cost-effectiveness is further ensured by the Ministry of Health Malaysia, which strictly regulates healthcare treatment rates, maintaining high standards of care while keeping costs significantly lower than many other countries in the region,' MHTC said. Additionally, based on various sources, a liver transplant in Malaysia ranged between US$50,000 and US$70,000, or half what it took to undergo the procedure in Indonesia and Singapore. However, the same could be performed for between US$45,000 and US$60,000 in Thailand. Aside from cost, accessibility of medical care in Malaysia is also a major draw. With an abundance of ferries and flights crossing the strait, Malaysia became a top destination for Indonesian medical tourists, accounting for 66 per cent of all travellers seeking healthcare treatments in Malaysia, according to data supplied by MHTC. Notably, the number of flights from Jakarta to Kuala Lumpur was three times more than the number of flights from Jakarta to Bangkok, as per data compiled by RHB Bank from January 6 to 12, this year. Some hospitals also go as far as providing transportation arrangements for the patient to the hospital. After Indonesians, Chinese and Indian nationals remained the second and third largest groups of medical tourists in Malaysia, according to the MHTC's Healthcare Travel Industry Blueprint 2021-2025. MHTC cited Malaysia's diversity and familiarity as a reason why Malaysia was a popular healthcare tourist destination. Many Malaysian hospitals also hold prestigious accreditations from bodies such as the Joint Commission International (JCI) and the Malaysian Society for Quality in Health (MSQH), further cementing the country's reputation as a trusted medical hub. Additionally, MHTC also provides ample support for healthcare travellers from pre-arrival consultations to post-treatment follow-ups across its network of over 200 hospitals nationwide.
