RAM Ratings Upgrades RHB Banking Group to AA1

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KUALA LUMPUR (September 21): RAM Rating Services Bhd (RAM Ratings) has upgraded the long-term financial institutions ratings of RHB Bank Bhd and its subsidiaries RHB Islamic Bank Bhd and RHB Investment Bank Bhd from AA2 to AA1 with a stable outlook .

RHB Group Managing Director and Chief Executive Mohd Rashid Mohamad said the recent upgrade follows the group’s positive rating upgrade last year and reflects the group’s continued business resilience. , its strong fundamentals and robust business strategies.

“Our financial performance remained resilient in the first half of 2022.

“The gross impaired loan ratio stood at 1.62% as of June 30, 2022 and for the remainder of the year we expect it to remain below 1.7%,” he said in a statement. press release Wednesday, September 21.

Additionally, he said the group’s Common Equity Tier 1 capital ratio remained robust at 16.6% at end-June 2022, the highest in the industry.

He said that the execution of his new strategy Together We Progress 24 (TWP24) continues to gain momentum, especially in the three priority areas, namely the integration of key Islamic ecosystems as a new engine of growth; building an integrated overseas business and promoting service excellence by creating a next-generation customer service experience.

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