Bank Rakyat declares higher dividend of 15% for 2016

KUALA LUMPUR: Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) has announced a 15% dividend for 2016 amounting to a payout of RM450 million to all its members, compared with 13% last year, despite posting a lower net profit.
It saw net profit drop 10.7% to RM1.16 billion for the financial year ended Dec 31, 2016, lower than RM1.30 billion a year ago due to higher cost of funds.
But the bank managed to grow its revenue by 5.6% to RM6.00 billion compared to RM5.69 billion previously, mainly driven by strong financing and treasury related activities.
Managing director and president Datuk Zulkiflee Abbas Abdul Hamid said it is aiming for a financing (loan) growth of 6.5% this year.