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Yahoo
19-07-2025
- Business
- Yahoo
RHB Singapore targets regional leadership under new PROGRESS27 strategy
RHB Singapore steps up as RHB Group's regional hub under PROGRESS27, driving Asean growth with strong 2024 results and a sharper focus on sustainability, service and cross-border synergies. RHB Singapore is set to play a larger role in driving the group's regional ambitions, unveiling its 2025–2027 strategic roadmap, PROGRESS27 on July 18. The plan positions the Singapore business as the financial group's lead regional hub under the newly formed Group International Business (GIB) division. The move follows a strong performance in 2024. RHB Singapore reported a near doubling of profit before tax to $98.7 million, up 95.6% from the previous year. Total income rose 18.6% to $252.6 million, while gross loans grew 14.7% to $8.95 billion. Sustainable financing rose 40% to $972 million, reflecting a wider push into green finance. 'RHB Singapore plays a pivotal role in driving the Group's regional ambitions,' says RHB Singapore CEO Goh Ken-Yi. 'We are well-positioned to anchor our regional aspirations and accelerate the expansion of international business synergies under PROGRESS27.' The group has identified three core objectives under PROGRESS27 — to be best in service, highly profitable and responsible. Eight transformation programmes are being rolled out to meet these goals. By 2027, RHB is targeting a return on equity of 12%, a cost-to-income ratio below 44.8%, and a gross impaired loan ratio under 1.3%. At the centre of this strategy is GIB, which now oversees the group's operations in Singapore, Cambodia, Thailand, Laos and Brunei. The division contributed 12% of group income in 2024, with profit before tax up 156.8% year-on-year and maintainable operating profit rising 30.4%. Former RHB Singapore CEO Danny Quah now leads GIB, having been appointed to the role in April. He notes that Singapore generates 80% of GIB's income and has been designated the group's regional hub. 'By aligning our strategies with local market dynamics and regulatory frameworks, we have significantly enhanced our ability to seize growth opportunities across the region,' Quah says. Alongside financial performance, RHB Singapore has been investing in customer engagement and brand presence. It recently completed a three-year transformation of its branch network with a digital-first approach, while maintaining its Peranakan heritage design. The bank retained the top Net Promoter Score among banks in Singapore and collected eight awards in 2025, including Mid-sized International Retail Bank of the Year and IPO Deal of the Year. Sustainability also remains a priority. RHB Singapore's headquarters was recently certified as an Eco Office by the Singapore Environment Council. 'PROGRESS27 builds upon our previous successes and positions us for continued growth and innovation,' says Dato' Mohd Rashid Mohamad, group managing director of RHB Banking Group. 'We are sharpening our execution to drive quality growth, scale sustainable finance and deliver superior value to our stakeholders. RHB Singapore's exceptional progress exemplifies the kind of forward momentum we aim to replicate across our key markets.' See Also: Click here to stay updated with the Latest Business & Investment News in Singapore Brokers' Digest: OCBC, Sembcorp, Genting Singapore, Frencken, ESR-REIT ValueMax 'proxy' to growing gold prices, outlet expansion to fuel growth, says RHB RHB 'underweight' on rubber products; Riverstone sole pick with 'buy' call Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click hereError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Straits Times
18-07-2025
- Business
- Straits Times
RHB Bank's Singapore unit to drive Malaysia lender's regional growth under new 3-year roadmap
Find out what's new on ST website and app. Singapore is part of RHB's group international business arm, which also covers Cambodia, Thailand, Laos and Brunei. SINGAPORE – The Singapore unit of Malaysian lender RHB will lead the bank's drive to expand in Asean in the next three years. Speaking on July 18 at the unveiling of the bank's new three-year roadmap for regional growth, the bank's managing director of group international business Danny Quah said that Singapore is a key growth engine to its international business arm. 'We will use Singapore as a growth engine, because we have been doing well here, and we have built enough fundamentals to be strong on its own to continue growing. It is also strong to be a strategic hub to the four countries that we have,' he said at a media briefing. Singapore is part of RHB's group international business (GIB) arm, which also covers Cambodia, Thailand, Laos and Brunei. GIB accounted for 12 per cent of the group's total income in 2024, with RHB Singapore contributing about 80 per cent of GIB's total income, said Mr Quah. 'RHB Singapore has been designated the group's regional hub due to its strong and consistent contribution to GIB, mature capabilities and strategic proximity to both customer networks and capital flows,' he added. Profit before tax for Singapore in 2024 nearly doubled, reaching $98.7 million, a 95.6 per cent jump from a year earlier. Meanwhile, slower growth was observed from other Asean businesses. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Character counts as much as grades: Desmond Lee tells students after a class on race and culture Singapore Residents in South West District get help to improve employability, find career opportunities Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high The Singapore unit also expanded its sustainable financing portfolio by 40 per cent to $972 million. Mr Goh Ken-Yi, chief executive of RHB Singapore, said that the bank is targeting the larger commercial banking clients here, of which some are listed companies, by supporting them in investment banking. The bank has also been supporting Singapore-based clients' expansions into Malaysia with financing and advisory services. 'We've also helped Singapore-based clients or international private equity firms with financing and M&A (mergers and acquisitions) advisory solutions to invest into Malaysia. In fact, we are actually marketing Malaysia and Singapore as a single hub to support our private equity and larger corporate clients,' he said. RHB is also optimistic about expanding its cross-selling within Singapore, and will make efforts to market to corporate investment banking clients, especially the C-suite clients, its retail banking experience, said Mr Goh. The lender is planning on expanding its secured lending approach and continuing efforts to move away from non-performing loans. 'When I joined RHB about 10 years ago, there was an active effort to pivot the business away from some of the industries and sectors that were hurting us and causing us a fair bit of non-performing loans, to one where we did a lot more secured financing, specifically in the real estate space,' Mr Goh said. Currently, about two-thirds of the bank's Singapore loan book is made up of real estate-related loans and it hopes to deepen its support for other sectors such as healthcare and construction, he added. Under the three-year roadmap, RHB aims to achieve a return on equity of 12 per cent by 2027, up from 10 per cent in 2024. It also targets to reduce cost-to-income ratio, which measures operational efficiency, to below 44.8 per cent, down from 46.7 per cent in 2024. It further aims to maintain a gross impaired loan ratio not exceeding 1.3 per cent by 2027, down from 1.47 per cent in 2024.
The Sun
18-07-2025
- Business
- The Sun
RHB Singapore drives regional growth with 12% ROE target by 2027
SINGAPORE: RHB Singapore, a subsidiary of Malaysia's fourth-largest banking group RHB, is set to play a crucial role in the bank's regional expansion strategy. The unit aims to achieve a return on equity (ROE) of 12% by 2027, supported by Singapore's favourable business environment and growing Southeast Asian markets. Singapore's low taxes, political stability, and strategic location continue to attract ultra-high-net-worth investors and financial institutions, reinforcing its position as a leading financial hub in the region. Earlier this year, RHB Singapore appointed Goh Ken-Yi as its new CEO to enhance digital capabilities and introduce innovative financial solutions. The bank's pretax profit surged by 95.6% year-on-year in 2023, reaching S$98.7 million ($76.82 million). 'RHB Singapore's exceptional progress exemplifies the kind of forward momentum we aim to replicate across our key markets,' said RHB Group Managing Director Mohd Rashid Mohamad during a press briefing. Beyond Singapore, RHB operates in Cambodia, Thailand, Laos, and Brunei. The bank reported an ROE of 10.04% in 2023, with plans to further improve efficiency by reducing its cost-to-income ratio to below 44.8% and gross impaired loan ratio to under 1.3% by 2027. Last year, these ratios stood at 46.7% and 1.47%, respectively. - Reuters
Business Times
18-07-2025
- Business
- Business Times
RHB Bank's Singapore unit key to regional growth plan, targets
[SINGAPORE] RHB Singapore, part of Malaysia's fourth-biggest banking group RHB, will be key in driving its regional expansion plans and help meet targets which include hitting a return on equity of 12 per cent by 2027, a senior executive said on Friday (Jul 18). Singapore's low taxes, political stability and its location as a gateway to the growing South-east Asian markets are luring ultra-rich investors and financial institutions, making it a top regional financial hub. RHB Singapore appointed Goh Ken-Yi as its new CEO earlier this year to advance the bank's digital capabilities and deliver innovative financial solutions, among others. Pretax profit at RHB Singapore almost doubled last year, jumping 95.6 per cent year on year to S$98.7 million. 'RHB Singapore's exceptional progress exemplifies the kind of forward momentum we aim to replicate across our key markets,' RHB Group managing director Mohd Rashid Mohamad said at a press briefing. Aside from Singapore, RHB has international operations across southeast Asia in Cambodia, Thailand, Laos and Brunei. According to its 2024 annual report, the bank's return on equity was 10.04 per cent last year. The bank also aims to reduce its cost-to-income ratio to under 44.8 per cent by 2027, and gross impaired loan ratio of below 1.3 per cent by 2027. Last year, its cost-to-income ratio was at 46.7 per cent and the impaired loans ratio was at 1.47 per cent. REUTERS
The Star
18-07-2025
- Business
- The Star
RHB Bank's Singapore unit key to regional growth plan, targets
RHB group managing director and CEO Datuk Mohd Rashid Mohamad SINGAPORE: RHB Singapore, part of Malaysia's fourth-biggest banking group RHB, will be key in driving its regional expansion plans and help meet targets which include hitting a return on equity of 12% by 2027, a senior executive said on Friday. Singapore's low taxes, political stability and its location as a gateway to the growing Southeast Asian markets are luring ultra-rich investors and financial institutions, making it a top regional financial hub.
