Bank Rakyat profit up 35% to $321.53mln

Financing income rises for the first nine months behind strong growth in all business segments.

Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) recorded a 34.6% increase in net profit to RM1bil ($321.53mln) for the first nine months ended Sept 30, 2010.

Profit before tax and zakat increased 21.5% to RM1.28bil ($411.55 million) over that period. This higher profit was mainly contributed by the increase in financing income in line with the strong growth in financing balance in all business segments of the bank.

Over the same period, Bank Rakyat’s gross income rose by 18.9% to RM3.44bil ($1.11 billion). Net income after profit distribution to depositors grew by 33.6% to RM2.85bil ($916.35 billion).

Income from financing increased to RM2.99bil ($961.37 million) compared with RM2.47bil ($794.17 million) previously.

View the full story in The Malaysian Star.