Latest news with #RHBBankingGroup
The Star
09-07-2025
- Business
- The Star
RHB, Bank Islam to cut rates after OPR move
KUALA LUMPUR: RHB Banking Group will reduce its base rate (BR) and standardised base rate (SBR) by 25 basis points (bps), effective July 11, 2025 in line with Bank Negara's recent cut to the Overnight Policy Rate (OPR). In a statement, it said RHB Bank and RHB Islamic Bank's fixed deposit rates will also be adjusted downwards by 25bps. Similarly, lending and financing rates based on base lending rate (BLR) and base financing rate (BFR) will be reduced by 0.25%. RHB's SBR will be reduced to 2.75% per annum from 3.00%, while its BR will be lowered to 3.50% from 3.75%. The BLR and BFR will also be adjusted to 6.45% per annum from 6.70%. 'By easing borrowing costs, we are helping households and SMEs better manage their financial commitments while encouraging consumption and investment amid prevailing global uncertainties,' RHB Banking Group managing director/group chief executive officer Datuk Mohd Rashid Mohamad said in a statement. Separately, Bank Islam Malaysia Bhd will also revise its SBR, BR, and BFR by 25 basis points to 2.75%, 3.52%, and 6.47% per annum, respectively. The new rates will take effect on July 10. This adjustment follows Bank Negara's decision to reduce the OPR by 25 bps, from 3.00% to 2.75%, announced today. 'The strategic move is expected to support economic activity and offer financial relief to individuals and businesses with financing linked to the SBR, BR or BFR. Bank Islam remains committed to advancing economic growth while staying responsive to the evolving needs of our customers,' Bank Islam group CEO Datuk Mohd Muazzam Mohamed said.
The Star
02-07-2025
- Business
- The Star
RHB delivers on living wage, focuses on employee well-being and growth
KUALA LUMPUR: RHB Banking Group announced that all permanent employees in Malaysia are earning at or above the nationally recognised Living Wage benchmark of RM3,100 per month, as outlined in the Employee Provident Fund's Belanjawanku Expenditure Guide. The commitment supports the Finance Ministry's call for financial institutions and Government Linked Companies (GLCs) to lead in advancing fair compensation, aligned with the 'Raise the Floor' pillar of the Ekonomi Madani framework to improve quality of life for all Malaysians. RHB's full implementation of the Living Wage framework reflects its commitment as a responsible employer and its role in supporting Malaysia's broader efforts to improve the standard of living of the rakyat. 'At RHB, fair pay is a fundamental part of building a progressive and inclusive workplace. Our compensation practices reflect this but our duty goes further. Our Employee Value Proposition is designed to support our employees holistically, ensuring their physical, emotional and financial well-being, in a meaningful and practical way. 'This commitment is reflected in our employee engagement score which stands at 87%, a strong indicator of the trust and connection our people have with the organisation,' said RHB Banking Group managing director and chief executive officer Datuk Mohd Rashid Mohamad. In addition to the living wage commitment, mental health and wellness remain core areas of focus in RHB. The Group provides access to free confidential professional counselling and emotional support services through its Employee Assistance Programme, available to all employees Group wide. These are complemented by regular mental health webinars and awareness initiatives that help employees manage stress, strengthen emotional intelligence and maintain work-life balance. In 2024, RHB introduced a digital health platform offering personalised coaching, wellness tracking and lifestyle incentives, further strengthening its holistic approach to employee wellbeing. Employees also benefit from targeted financial support, including festive advance programmes, preferential rate staff loans and a dedicated Staff Welfare Fund for emergencies or personal hardship. Comprehensive medical coverage, robust insurance protection and flexible leave policies further contribute to a work environment that supports both individual and family well-being. 'We recognise the complex pressures in today's world, emotionally, financially and professionally. Our responsibility is to support them in all dimensions, not just through compensation, but through care, flexibility and long term opportunities to grow,' Mohd Rashid explained. RHB continues to invest in structured career development to future proof its workforce. In 2024 alone, the Group delivered over 390,000 hours of learning, averaging 29 hours per employee, with more than 13,000 employees participating in programmes covering digital transformation, sustainability, leadership and core technical skills. These efforts align with national priorities to create high quality jobs and strengthen social mobility. 'Our people are our greatest asset. When they thrive, our customers, communities and the nation thrive with them,' he added. RHB will continue to refine its people strategies to ensure long-term impact, for employees and the communities it serves, contributing to Malaysia's aspirations for sustainable and inclusive economic growth.
New Straits Times
18-06-2025
- Business
- New Straits Times
RHB unveils faster, more secure banking app for customers
KUALA LUMPUR: RHB Banking Group has launched its new RHB Mobile Banking App (MBK App), offering customers a faster, simpler and more secure way to manage their everyday finances. The bank said the app is a key milestone in its broader digitalisation agenda under its three-year PROGRESS27 strategy. The app features a redesigned interface that delivers a more intuitive and seamless user experience. "With faster load times and enhanced security features, the app is protected by biometric login, a built-in safety layer for all transactions called SecurePlus, and malicious app protection," it said. RHB managing director of group community banking Jeffrey Ng said the new app reflects the bank's ongoing commitment to making banking more accessible, seamless and secure for all Malaysians. "We have designed this app with user experience at its core, empowering our customers to take control of their finances anytime, anywhere with confidence and ease," he noted. RHB said one of its standout features is Malaysia's first-ever banking widget, allowing users to perform essential transactions such as payments and transfers directly from their home screen without opening the app. The new app also features RHB's multi-currency account, enabling customers to buy and sell foreign currencies at competitive rates, all within a few taps. Additionally, customers can redeem in-app reward points earned from day-to-day banking activities, for a wide range of preferred items. RHB claimed that the upgrades have boosted customer satisfaction, with app ratings rising from 3.5 to 4.7 on Google Play and maintaining a 4.8 on the Apple App Store. It added that the app's user interface has also been reimagined to offer a one-glance view of finances across accounts, cards, and more, streamlining banking like never before. As part of the rollout, RHB partnered with Payments Network Malaysia Sdn Bhd to launch an exclusive customer rewards campaign, encouraging wider use of QR code payments, a space where Malaysia now ranks second globally with 66.1 per cent adoption, just behind China.
The Sun
28-05-2025
- Business
- The Sun
RHB posts RM750m first-quarter net profit
KUALA LUMPUR: RHB Bank Bhd registered a net profit of RM750 million in the first quarter of its financial year ending Dec 31, 2025 (Q1'25), an increase of 2.7% from the previous corresponding period. This was primarily attributed to higher net fund-based income and improved credit cost management, reflecting the group's disciplined risk management and strong base. Total income stood at RM2 billion, a marginal dip of 1.9% Y-o-Y mainly from contraction in non-fund based income due to lower net gain on forex and derivatives, and net trading and investment income. The group maintained operational stability, supported by prudent cost management, continued strength in capital and liquidity positions. Cost growth was contained at 1.2% whilst CIR stood at 47.4% from 45.9% a year ago, reflecting the marginal contraction in income. RHB Banking Group managing director/group CEO Datuk Mohd Rashid Mohamad remarked, 'We sustained our earnings growth momentum in the first quarter, underpinned by solid fundamentals and early traction from our PROGRESS27 strategy. Our cost optimisation efforts are beginning to deliver results, enabling us to contain expenses while driving growth in key segments. At the same time, our continued focus on asset quality has led to a reduction in credit cost. We remained disciplined in execution, strengthening our core capabilities, driving operational excellence, and unlocking new growth opportunities.' The group's total assets rose to RM353 billion, supported by healthy balance sheet growth and prudent capital management. At group level, the shareholders' equity stood at RM32 billion, with the Common Equity Tier-1 (CET-1) ratio of 16% and Total Capital Ratio (TCR) at 18.5%, reinforcing a strong capital position to support future growth ambitions, as well as to cushion macroeconomic uncertainties. Whereas the bank's CET-1 and TCR stood at 14.7% and 17.4%, respectively. Loan loss coverage ratio including regulatory reserves, improved to 115.7%, reflecting sound provisioning practices. Domestic loan growth of 4.7% (annualised) outpaced the industry's 4.3%, while the group's GIL ratio remained well-contained at 1.5%, and the domestic GIL ratio was below the industry average, demonstrating sound credit quality. The group remains cautious amid shifting rates and global trade uncertainty. The recent reduction in Statutory Reserve Requirement by Bank Negara Malaysia is expected to provide funding flexibility in the quarters ahead. 'Our new 3-year strategic roadmap, PROGRESS27, sets a clear course towards becoming the best in service, enhancing profitability, and reinforcing our purpose-driven commitment. With focused execution priorities, from simplifying customer journeys to advancing our sustainability ambitions, we are well-positioned to deliver near-term value while unlocking long-term value for all stakeholders,' said Mohd Rashid.
The Star
28-05-2025
- Business
- The Star
RHB Bank maintains growth with 1Q net profit of RM750.03mil
RHB Banking Group's group managing director/ group chief executive officer Mohd Rashid Mohamad —YAP CHEE HONG/The Star KUALA LUMPUR: RHB Bank Bhd sustained earnings growth in the first quarter of 2025 (1QFY25) with cost optimisation efforts and a focus on asset quality yielding results. 'Our new 3-year strategic roadmap, PROGRESS27, sets a clear course toward becoming the best in service, enhancing profitability, and reinforcing our purpose-driven commitment. "With focused execution priorities, from simplifying customer journeys to advancing our sustainability ambitions, we are well-positioned to deliver near-term value while unlocking long-term value for all stakeholders,' said group managing director and CEO Datuk Mohd Rashid Mohamad in a statement. During the quarter under review, RHB recorded a net profit of RM750.03mil, up from RM730.17mil in the year-ago quarter. The group reported revenue of RM4.39bil, which was slightly lower than RM4.4bil in the comparative quarter, while earnings per share rose to 17.2 sen from 17.03 sen previously. According to the bank, net fund-based income increased 7.3% year-on-year (y-o-y)to RM1.5bil, on the back of higher gross loans. Net interest margin improved from 1.83% to 1.84% over the one-year period. "The group continued to proactively manage its funding costs through active liability management initiatives. Taking this into account, the effective NIM for the quarter was 1.91%," it said. Non-fund based income, however, fell 20.2% y-o-y to RM600mil, mainly owing to lower net gain on forex and derivatives, and net trading and investment income. On an annualised basis, the group's gross loans grew 2.4% to RM239bil, supported by growth in the group community banking and commercial segments, respectively. Customer deposits was RM249bil, with current account savings account (Casa) composition improving to 28% from 27.6% In December 2024.
