Saturday, October 31

Bank Rakyat declares RM2.11 billion pre-tax profit, 18 pct dividend for FY12

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STRONG GROWTH: Bank Rakyat’s profit is driven by growth in its total income from financing and deposits, coupled with strong asset quality.

STRONG GROWTH: Bank Rakyat’s profit is driven by growth in its total income from financing and deposits, coupled with strong asset quality.

KUALA LUMPUR: Bank Rakyat Bhd (Bank Rakyat), the largest Islamic cooperative in Malaysia, yesterday announced RM2.11 billion pre-tax profit and zakat (tithe) for financial year ended December 31, 2012.

The bank also declared 18 per cent dividend for 947,541 members, entailing RM440 million in total cash payout and a bonus share dividend amounting to RM55 million.

Announcing the bank’s financial results yesterday, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said the bank also posted RM1.74 billion in net profit.

He said the bank’s profit was driven by growth in its total income from financing and deposits, coupled with strong asset quality.

The bank’s gross income rose by 13.2 per cent to RM6.23 billion, he told reporters yesterday. — Bernama