Bank Rakyat posts higher pre-tax profit in FY22

Driven by the bank’s strong fundamentals and focus on core activities.

Its acting chairman, Datuk Mohd Irwan Mubarak, said the increase in profit was driven by the bank’s strong fundamentals and focus on core activities despite the economic uncertainties post-pandemic.

“Besides that, adequate provisioning during the year, in line with the industry trend, has also boosted the group’s performance,” he said during the announcement of the group’s financial performance and dividend for FY22 yesterday.The group’s core operating income rose 3.42% to RM5.90bil from RM5.71bil previously as a result of stronger financing growth in both retail and business financing segment.

The group’s better performance was further supported by higher fee-based income and collection from charge-off financing recovery which improved by 24.10% to RM440.79mil from RM355.19mil previously. The group’s total assets grew 1.98% or RM2.27bil to RM117.33bil compared to RM115.06bil in the preceding financial year.

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