Bank Rakyat hits RM1.55bil profit
KUALA LUMPUR: Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) posted a pre-tax profit and zakat (tithe) of RM1.55 billion for the year ended Dec 31, 2009, an increase of 25.6 per cent over the RM1.234 billion recorded in the previous year.
This was achieved on an 18.3 per cent increase in gross income to RM3.783 billion from RM3.197 billion in 2008.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said the results were mainly contributed by the overall higher income from all business segments and favourable cost of funds.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob (right) at the press conference Friday on the financial results for 2009. Looking on is Chairman of Bank Rakyat, Tan Sri Dato' Dr Syed Jalaludin Syed Salim. - Starpic by Azlina bt Abdullah
Pursuant to its good performance, the bank declared 15 per cent cash dividend amounting to RM299 million which would be paid to members from Feb 22, said Ismail Sabri.
Bank Rakyat's net income after profit distribution to depositors grew by 28.4 per cent to RM2.61 billion, driven by continued strong growth in quality financing, deposits and continuous improvement in asset quality.
Income from financing stood at RM3.396 billion compared with RM2.804 billion in 2008 of which 93.4 per cent are from consumer banking while commercial banking accounted for 6.6 per cent of total financing income.
It also recorded a fee based income of RM81.7 million, an increase of 41.6 per cent compared with RM57.7 million in the previous year, of which 65.6 per cent came from income on wasiat (Will), commission on Takaful and Automatic Teller Machine machine (ATM) service fee.
Bank Rakyat's total asset grew by 21.3 per cent or RM8.9 billion to RM50.6 billion as at the end of last year, driven mostly by the commendable growth in financing.
The bank's net non-performing financing (NPF) ratios as at the end of last year improved to 0.8 per cent from 1.8 per cent in 2008.
Left to right: Datuk Kamaruzaman Che Mat, Tan Sri Datuk Dr Syed Jalaludin Syed Salam, Datuk Sri Ismail Sabri Yaakob, Daud Tahir and Mohd Yusof Samsudin looking at a chat on the bank's results. - Starpic by Azlina bt Abdullah
The improvement in NPF ratio reflects Bank Rakyat's prudent lending policies, strong credit management and a proactive credit recovery process, Ismail Sabri said.
The minister also said Koperasi Bank Persatuan Malaysia Bhd, known as Bank Persatuan, will be upgraded into a co-operative bank this year.
"We will ensure all Bank Negara requirements are followed," he said.
Penang-based Bank Persatuan has been in operations since the 1950s. - Bernama
This was achieved on an 18.3 per cent increase in gross income to RM3.783 billion from RM3.197 billion in 2008.
"This is the highest profit recorded in its 55 years of operations," he said at the announcement of Bank Rakyat's financial performance and dividends.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob (right) at the press conference Friday on the financial results for 2009. Looking on is Chairman of Bank Rakyat, Tan Sri Dato' Dr Syed Jalaludin Syed Salim. - Starpic by Azlina bt AbdullahPursuant to its good performance, the bank declared 15 per cent cash dividend amounting to RM299 million which would be paid to members from Feb 22, said Ismail Sabri.
Bank Rakyat's net income after profit distribution to depositors grew by 28.4 per cent to RM2.61 billion, driven by continued strong growth in quality financing, deposits and continuous improvement in asset quality.
Income from financing stood at RM3.396 billion compared with RM2.804 billion in 2008 of which 93.4 per cent are from consumer banking while commercial banking accounted for 6.6 per cent of total financing income.
It also recorded a fee based income of RM81.7 million, an increase of 41.6 per cent compared with RM57.7 million in the previous year, of which 65.6 per cent came from income on wasiat (Will), commission on Takaful and Automatic Teller Machine machine (ATM) service fee.
Bank Rakyat's total asset grew by 21.3 per cent or RM8.9 billion to RM50.6 billion as at the end of last year, driven mostly by the commendable growth in financing.
The bank's net non-performing financing (NPF) ratios as at the end of last year improved to 0.8 per cent from 1.8 per cent in 2008.
Left to right: Datuk Kamaruzaman Che Mat, Tan Sri Datuk Dr Syed Jalaludin Syed Salam, Datuk Sri Ismail Sabri Yaakob, Daud Tahir and Mohd Yusof Samsudin looking at a chat on the bank's results. - Starpic by Azlina bt Abdullah
The improvement in NPF ratio reflects Bank Rakyat's prudent lending policies, strong credit management and a proactive credit recovery process, Ismail Sabri said.
The minister also said Koperasi Bank Persatuan Malaysia Bhd, known as Bank Persatuan, will be upgraded into a co-operative bank this year.
"We will ensure all Bank Negara requirements are followed," he said.
Penang-based Bank Persatuan has been in operations since the 1950s. - Bernama
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