Tuesday, August 24, 2010

RHB Cap 2Q earnings up 12.4% to RM339m

KUALA LUMPUR: RHB CAPITAL BHD []'s earnings rose 12.4% to RM339.03 million in the second quarter ended June 30, 2010 from RM301.53 million a year ago

It said on Tuesday, Aug 24 that pre-tax profit was RM447.95 million, up 11.9% from RM400.06 million a year ago. Revenue was 8% higher at RM1.44 billion compared with RM1.34 billion. Earnings per share were 15.7 sen versus 14 sen. It declared an interim dividend of 5.0 sen per share.

For the second quarter of 2010, the group recorded a pre-tax profit of RM447.9 million as compared to RM474.2 million achieved in the first quarter of 2010.

'The lower profit was mainly attributable to lower net interest income, higher allowance for impairment on loans, advances and financing and higher impairment losses on other assets, partially offset by lower other operating expenses and higher other operating income,' it said.

For the first half, net profit rose 29.9% to RM688.76 million from RM530.17 million. Revenue increased by 5.87% to RM2.85 billion from RM2.69 billion.

'RHB Bank Bhd continued to be the largest contributor of the group, accounting for 95% of the Group profit. For the first six months to June 30, 2010, RHB Bank recorded a pre-tax profit of RM876.6 million, up 35% from a year ago,' it said.

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