Malaysia's RHB Bank 3Q Net Profit Declines
KUALA LUMPUR, Malaysia--RHB Bank Bhd. (1066.KU), Malaysia's fourth-largest bank by assets, announced on Monday a 3.3% on-year decline in its net profit for the third quarter due partly to higher operating expenses and minor rise in allowance for impairment.
Net profit for the July-September period dropped to 488.83 million ringgit (US$118.8 million) from MYR505.33 million in the same period a year earlier, according to a local stock exchange filing from RHB.
Revenue declined slightly to MYR2.62 billion during the quarter from MYR2.65 billion a year ago.
RHB said the overall Malaysian banking sector is expected to see modest growth, with lending momentum expected to improve in the last quarter of the year. The bank said it expects to deliver a better performance this year.
Nevertheless, rising pressure on funding costs may weigh on the performance of banks, it said.
Shares of RHB ended Monday midday break 1.0% lower at MYR4.86 per share before the earnings announcement.
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(END) Dow Jones Newswires
November 27, 2017 00:49 ET (05:49 GMT)