Thursday, July 22, 2010

Bank Rakyat's profit up 24% in 1H

KUALA LUMPUR: Bank Rakyat has recorded a profit before tax and zakat of RM828.6 million for the first half (1H) ended June 30, 2010, an increase of 24.0% or RM160.2 million compared to RM668.5 million in the same period last year.

Managing director Datuk Kamaruzaman Che Mat said the improved profit was mainly contributed by the increase in financing income in line with the strong growth in financing balance in all business segments of the bank.

The bank's gross income rose by 18.5% or RM350.1 million to RM2.24 billion from RM1.89 billion previously, he said in a statement on Thursday, July 22.

Income from financing increased to RM1.95 billion compared with RM1.61 billion previously while net income after profit distribution to depositors grew by 19.4% or RM267.6 million to RM1.65 billion, despite an increase in Overnight Policy Rate by 0.25% in May.

The bank also recorded a fee based income of RM55.3 million, an increase of RM13.8 million or 33.1% compared to RM41.5 million in the previous corresponding year, of which 85.4% were contributed from income on wasiat, commission on Takaful and ATM service fee.

Kamaruzaman said total assets grew by 19.2% or RM8.98 billion to RM55.81 billion as at first half of the year compared to RM46.84 billion in the previous year.

In the meantime, he said, return on asset remained at 3.1%.

Meanwhile, net financing balance rose by 23.9% or RM8.16 billion to RM42.27 billion as at the first half of the year from RM34.11 billion in the previous year.

Its consumer net financing balance increased by 21.7% or RM6.86 billion to RM38.42 billion in the first half of the year, he said.

He said consumer financing was the major segment of Bank Rakyat's business which accounted for 89.1% of the bank's total financing in the first half year.

The bank's total deposits grew by 13.5% or RM5.26 billion to RM44.20 billion at the end of June 2010 compared to RM38.93 billion previously while liquidity position remained strong at 25.0% from 24.5% previously. ' Bernama

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