Bank Rakyat interim profit before tax and zakat tops RM1b

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/31brakyat/Article/

Published: July 31, 2012

KUALA LUMPUR: Bank Rakyat's profit before tax and zakat rose to RM1.06 billion for the first half year financial period ended June 30 2012, up 7.7 per cent from RM980 million reported in the same period of last year.

"The better performance for the period as a whole was achieved following the strong growth in financing income in line with the high growth in financing balance as well as the strengthening of asset quality," the bank said in a statement here yesterday.

Its gross income for the period increased by 15.3 per cent to RM3.09 billion from RM2.68 billion in the previous period, while net income after profit distribution to depositors grew by 10.4 per cent to RM1.73 billion compared with RM1.56 billion previously.

The bank's income from financing increased by 11.6 per cent to RM2.45 billion compared with RM2.19 billion in the previous corresponding period of which, or 91.6 per cent came from consumer banking and RM0.21 billion or 8.4 per cent from commercial banking.

Bank Rakyat recorded a fee based income of RM44.9 million in the first half year of 2012.

Income from takaful commissions, wills issuance and ATM service fee contributed about 80.2 per cent of the total fee based income.

Bank Rakyat's total assets grew by 11.9 per cent to RM77.51 billion from RM69.27 billion in the previous corresponding period.

The bank's total deposits increased by 9.7 per cent to RM66.13 billion at the end of June 2012.

Bank Rakyat has 136 branch networks, 42 Ar-Rahnu X'change outlets and more than 600 automated teller machines and credit deposit machines all over the country. Bernama