RHB Bank profit up 16% to $281.83m in H1

Half-year earnings were boosted by net fund based and non-fund based income.

RHB Bank Berhad profits rose 16% YoY to $281.83m (RM1.16b) in the first six months of 2018 on the back of higher net fund based and non-fund based income, according to its financial statement.

Net fund based income rose by 10% to $602.54m (RM2.48b) in H1 2018 amidst a steady growth in loans and financing whilst higher net foreign exchange gains, trading and investment income boosted non-fund based income by 1.3% to $219.68m (RM904.2m).

The bank also booked lower allowances for credit losses on assets to $34.69m (RM142.8m) amidst improved ratings in its investment portfolio.

“The Group’s earnings momentum was sustained in the second quarter resulting in improved H1 2018 year-on-year performance. Our results also reflect strong fundamentals as can be seen in our robust capital levels, healthy liquidity position and adequate coverage for loan losses,” the bank said in a statement.