Latest news with #RM4.39
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.
Barnama
24-04-2025
- Business
- Barnama
ADB Deploys Nearly US$40 Bln For Development Across Asia And The Pacific In 2024
KUALA LUMPUR, April 24 (Bernama) -- The Asian Development Bank (ADB) committed US$24.3 billion (US$1 = RM4.39) from its own resources last year, alongside US$14.9 billion in cofinancing with its partners, to address a range of complex development challenges in Asia and the Pacific. In a statement issued today, the bank explained that the US$24.3 billion encompassed loans, grants, equity investments, guarantees, and technical assistance provided to both governments and the private sector. According to the ADB's Annual Report 2024, which was published today, the bank built on the one million direct jobs it generated in 2024 by committing US$4.8 billion through its private sector projects and programmes, a 28.5 per cent increase from 2023. The ADB also highlighted that its collaborations with governments, financial institutions, and investors have fostered enabling business environments, strengthened capital markets, and boosted trade. 'With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,' said ADB President Masato Kanda, adding that the bank is financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health, and social protection. The report also outlined ADB's evolution towards becoming a larger, more effective development bank. 'Milestones include capital management reforms that will enable ADB to expand its operations by 50 per cent over the next decade, a major update to the institution's corporate strategy, and a record US$5 billion replenishment for the Asian Development Fund, ADB's largest source of grant financing for operations in its poorest and most vulnerable developing member countries (DMCs),' it said. In addition, ADB deployed a variety of financial and knowledge-based support during the year to enhance food production systems, reduce the damaging impacts of extreme weather events, and reverse environmental degradation and biodiversity loss. The bank also assisted DMCs in implementing critical reforms to improve public financial management, address fiscal risks, and promote social and economic development through better domestic resource mobilisation and budgeting.
