Bank Rakyat declares RM2.11b profit before tax and zakat, 18pc dividend for FY 2012

March 13, 2013

KUALA LUMPUR, March 13 — Bank Rakyat, the largest Islamic cooperative in Malaysia, today announced a RM2.11 billion profit before tax and zakat (tithe) for the financial year ended Dec 31, 2012.

Last year the cooperative bank posted a pre-tax profit of RM2.02 billion. Announcing the bank's financial results today, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob also declared a total dividend of 18 per cent for 947,541 members.

It involves payment of a cash dividend of 16 per cent amounting to RM440 million in total cash payout and a bonus share dividend of two per cent amounting to RM55 million.

Last year, the bank declared a record 20 per cent dividend or RM435 million payout, with 15 per cent or a cumulative RM330 million paid in cash and the remaining five per cent, totalling RM105 million, offered as bonus shares. Speaking at a media conference here today, Ismail Sabri said the bank also posted RM1.74 billion in net profit for financial year 2012.

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 said.

Total assets grew by 9.3 per cent to RM79.21 billion compared with RM72.48 billion in the previous year. Going forward, the minister said Bank Rakyat has allocated RM300 million for capital expenditure for the year.

Bank Rakyat also plans to open three new branches, one each in Labis, Marang and Kampar, five service branches and 110 ATMs, he said, adding the bank also intends to open 20 Islamic pawnbroking Ar-Rahnu X'Change franchise outlets nationwide this year.

Currently, the bank has 141 full branch networks, 56 Ar-Rahnu X'Change outlets and over 600 ATMs nationwide. — Bernama

Source themalaysianinsider