Bank Rakyat reaps record RM2.1b profit
BETTER EARNINGS: Group declares a cash dividend of 16 per cent and bonus share dividend of 2 per cent
BANK Rakyat Malaysia Bhd posted a record profit before tax and zakat of RM2.11 billion for the year ended December 31 2012, up 4.7 per cent from the previous year.
A total dividend of 18 per cent was declared. It comprises a cash dividend of 16 per cent amounting to RM440 million and bonus share dividend of two per cent amounting to RM55 million for 2012.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Ismail Sabri Yaakob said Bank Rakyat expects a better growth this year.
Ismail Sabri attributed the strong showing in 2012 to the bank's healthy financing and deposits.
"This is coupled with strong asset quality despite the challenges in the local banking industry," he said at a press conference on Bank Rakyat's 2012 financial results here yesterday.
Bank Rakyat, Malaysia's largest Islamic cooperative bank, saw its net income after profit distribution to depositors growing 2.9 per cent to RM3.34 billion last year compared with 2011.
Income from financing increased to RM4.96 billion from RM4.46 billion a year ago. The bank also recorded a fee-based income of RM110.90 million last year.
Its total assets grew 9.3 per cent last year to RM79.21 billion, in line with the strong growth in deposits, while the return on assets remained strong at 2.8 per cent.
"Asset quality also remained strong as at the end of December 2012, with a gross impaired financing ratio of 2.5 per cent," Ismail Sabri said.
The bank's total deposits grew 7.1 per cent to RM62.67 billion, while shareholders' funds increased by 23.6 per cent to RM10.33 billion in 2012 against the previous year.
In terms of financing balance, Ismail Sabri said it had increased by 11.9 per cent to RM56.76 billion last year against 2011.
He added that Bank Rakyat was also looking at a more balanced portfolio between personal and commercial financing.
About 88.5 per cent of the bank's financing income came from consumer banking while commercial banking accounted for only 11.5 per cent.
Bank Rakyat plans to open three new branches this year in Perak, Terengganu and Perak. It currently has 141 branches.
A total dividend of 18 per cent was declared. It comprises a cash dividend of 16 per cent amounting to RM440 million and bonus share dividend of two per cent amounting to RM55 million for 2012.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Ismail Sabri Yaakob said Bank Rakyat expects a better growth this year.
Ismail Sabri attributed the strong showing in 2012 to the bank's healthy financing and deposits.
Bank Rakyat, Malaysia's largest Islamic cooperative bank, saw its net income after profit distribution to depositors growing 2.9 per cent to RM3.34 billion last year compared with 2011.
Income from financing increased to RM4.96 billion from RM4.46 billion a year ago. The bank also recorded a fee-based income of RM110.90 million last year.
Its total assets grew 9.3 per cent last year to RM79.21 billion, in line with the strong growth in deposits, while the return on assets remained strong at 2.8 per cent.
"Asset quality also remained strong as at the end of December 2012, with a gross impaired financing ratio of 2.5 per cent," Ismail Sabri said.
The bank's total deposits grew 7.1 per cent to RM62.67 billion, while shareholders' funds increased by 23.6 per cent to RM10.33 billion in 2012 against the previous year.
In terms of financing balance, Ismail Sabri said it had increased by 11.9 per cent to RM56.76 billion last year against 2011.
He added that Bank Rakyat was also looking at a more balanced portfolio between personal and commercial financing.
About 88.5 per cent of the bank's financing income came from consumer banking while commercial banking accounted for only 11.5 per cent.
Bank Rakyat plans to open three new branches this year in Perak, Terengganu and Perak. It currently has 141 branches.
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