Bank Rakyat Q1 profit before tax, zakat jumps 16.4pc

KUALA LUMPUR: Bank Rakyat's profit before tax and zakat rose 16.4 per cent in the first quarter ended March 31 2012 to RM515.4 million from RM442.7 million in the previous corresponding period. The improved profit was mainly contributed by the increase in income from financing and investment activities, in line with the growth in overall financing balance and improved asset quality, the bank said in a statement yesterday.

Source From (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/bkra/Article/
Published: Monday May 05

The bank's gross income for the quarter rose by 14.9 per cent or RM194.1 million to RM1.5 billion from RM1.3 billion while its net income after profit distribution to depositors grew 9.1 per cent or RM69.8 million to RM836.1 million from RM766.4 million.

Bank Rakyat's consumer gross financing balance increased by 8.6 per cent or RM3.6 billion to RM45.38 billion from RM41.79 billion.

Consumer financing is the major focus of the bank's business which accounts for 90.8 per cent of the bank's total financing for the quarter.

In terms of financing portfolio, personal financing was the major contributor at 85.3 per cent of total consumer financing.

Meanwhile, Bank Rakyat's total assets grew by 20.9 per cent or RM13.47 billion to RM78.03 billion from RM64.56 billion.

As at end of March 2012, return on asset stood at 2.9 per cent while shareholders fund increased by 37.3 per cent to RM8.69 billion from RM6.33 billion.

The bank's Risk Weighted Capital Ratio remained at 16.5 per cent while Core Capital Ratio stood at 15.4 per cent.

Meanwhile, the bank's financing loss coverage ratio remained high at 105.8 per cent. Bernama