Tuesday, June 12th, 2018

 

Exxon Mobil breaks with past, bulks up energy trading to boost profit

HOUSTON, June 12 — Exxon Mobil Corp <XOM.N> is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar…



Sterling falls to five-day low as Brexit debate gets under way

LONDON, June 12 — The pound fell to a five-day low today, reflecting wariness among investors about a parliamentary debate under way on amendments to Britain’s EU withdrawal bill. Prime Minister Theresa May faces a showdown with lawmakers who…


Wall Street opens higher as bank stocks rise

NEW YORK, June 12 — US stocks opened slightly higher today, with bank stocks gaining as the Federal Reserve kicked off its two-day policy meeting, while a historic US-North Korea summit failed to impress investors. The Dow Jones Industrial Average…


US consumer prices increase as expected in May

WASHINGTON, June 12 — US consumer prices rose marginally in May amid a slowdown in the pace of increases in the cost of gasoline, pointing to moderate inflation pressures. The Labour Department said today its Consumer Price Index increased 0.2 per…


BAuto Q4 net profit more than doubles, proposes 5 sen dividend

PETALING JAYA: Bermaz Auto Bhd’s (BAuto) net profit for the fourth quarter ended April 30, 2018 more than doubled to RM57.19 million from RM22.21 million a year ago, largely due to higher revenue recorded by the domestic operations, improvement in gross profit margin as a result of the strengthening ringgit against the Japanese yen and higher share of profit contribution from its associate company, Mazda Malaysia Sdn Bhd (MMSB).

Revenue jumped 61.2% to RM570.59 million compared with RM354.03 million in the previous year’s corresponding quarter.

The group has recommended a fourth interim dividend of 2.3 sen per share and a special dividend of 2.7 sen per share for the quarter under review.

For the full-year period, BAuto’s net profit soared 19.1% to RM140.07 million from RM117.65 million, while revenue expanded 20.1% to RM1.99 billion from RM1.66 billion.

Despite total industry volume for passenger cars in Malaysia for the first four months of 2018 being 1.3% lower year-on-year, Mazda has regained its number sixth position, overtaking Mercedes Benz and BMW, with a growth of 47% compared with the same period last year.

The group’s performance has improved since the third quarter of its financial year, benefitted from its ever popular new CX-5 model since its launch in October 2017, both in terms of market share as well as profitability.

BAuto said the higher volume of cars to be exported to the Asean region to cater for the increasing demand coupled with the high demand in the domestic market is expected to drive up the profitability of MMSB.

It is expected to show improvements in the financial year ending April 30, 2019.


OCR sells rubber, baby products firm

PETALING JAYA: OCR Group Bhd today entered into a share sale agreement with a purchaser for the disposal of its 100% equity interest in Takaso Rubber Products Sdn Bhd for RM8 million cash.

Takaso is involved in business of manufacturing of rubber products and baby products and trading in baby accessories and apparels; while its wholly owned subsidiary Takaso Marketing Sdn Bhd is involved in the business of marketing rubber products and baby products.

The disposal sum was derived after taking into consideration Takaso’s audited net assets of about RM6.1 million for the financial year ended July 31, 2017.

Takaso registered a net loss of RM1 million for FY17 due to lower sales volume.

“The disposal enables OCR to stop consolidating Takaso’s losses into the group’s income statements subsequent to the completion of the disposal,” OCR explained.

The gross proceeds from the disposal is to be utilised for working capital purposes.


RHB Bank aims for 10% share of mortgage market by year-end

PETALING JAYA: RHB Bank Bhd is optimistic of capturing a 10% share of the mortgage market by the end of 2018, from 9.1% in December 2017, and has planned three major mortgage-specific initiatives this year to continue differentiating itself from its peers.

RHB retail banking acting head Nazri Othman (pix) said the mortgage portfolio is expected to continue its strong double-digit growth, fuelled by new digital initiatives. RHB's mortgages grew 13.2% in 2017.

“RHB Bank is optimistic of the growth prospects of the mortgage industry on the back of the country's strong macroeconomic fundamentals and robust growth in our targeted areas,” Nazri told SunBiz in an email interview recently.

He said mortgage receivables contribute significantly to RHB's retail banking asset portfolio and will continue to anchor the overall retail banking growth in the future. 

“In line with the RHB five-year strategy plan known as FIT22, we will see increased retail assets contribution to the group balance sheet; the mortgage portfolio is expected to grow at a double-digit CAGR (compound annual growth rate) over the next five years.”

Nazri said one of the key guiding principles of RHB's digital transformation plan is to continuously improve its customer's banking journeys.

“We have since sought further feedback from our customers and have incorporated advanced features that would set us further apart from our competitors. The enhancement is expected to further change the mortgage landscape in Malaysia and is expected to be rolled out in the third quarter this year.”

In just five months since the launch of RHB MyHome in November, the increase in mortgage applications from MyHome has surpassed its initial target of 8%-10%.

RHB MyHome empowers consumers to self-direct their mortgage applications at any time, and anywhere at their convenience against the traditional face-to-face approach when applying for a mortgage.

In a bid to maintain its competitive edge, the bank has also lined up future releases this year to further differentiate itself from its peers.

“We rolled out a new Mortgage Referral App, RHB Partners in end-April 2018 to RHB staff and the app will soon be extended to our strategic business partners, namely developers, real estate agents and insurance agents.”

The app will enable referral of mortgage applications digitally and provide end-to-end digital submission through RHB MyHome.

Nazri said the industry's mortgage interest rate is currently at an accommodative level and RHB will remain competitive in its offerings for as long as it is commercially viable to do so.

He added that the bank has plans to replicate MyHome's success to other products.

“In 2017, we scaled up our digital transformation involving staff from multiple different departments and disciplines within the banking group to work together in agile way to deliver a customer-centric, insight-driven servicing and collaborative culture.”

The year-on-year adoption of RHB Bank's internet banking and mobile banking has grown by 30% and 36%, respectively.

“We launched three innovative digital solutions in Q4 2017. We have started leveraging on advanced analytics to gain deep insights on customers to increase cross-selling potential and enhance customer's experience,” Nazri said.


RHB Bank aims for 10% of mortgage market by year-end

PETALING JAYA: RHB Bank Bhd is optimistic of capturing a 10% share of the mortgage market by the end of 2018, from 9.1% in December 2017, and has planned three major mortgage-specific initiatives this year to continue differentiating itself from its peers.

RHB retail banking acting head Nazri Othman (pix) said the mortgage portfolio is expected to continue its strong double-digit growth, fuelled by new digital initiatives. RHB's mortgages grew 13.2% in 2017.

“RHB Bank is optimistic of the growth prospects of the mortgage industry on the back of the country's strong macroeconomic fundamentals and robust growth in our targeted areas,” Nazri told SunBiz in an email interview recently.

He said mortgage receivables contribute significantly to RHB's retail banking asset portfolio and will continue to anchor the overall retail banking growth in the future. 

“In line with the RHB five-year strategy plan known as FIT22, we will see increased retail assets contribution to the group balance sheet; the mortgage portfolio is expected to grow at a double-digit CAGR (compound annual growth rate) over the next five years.”

Nazri said one of the key guiding principles of RHB's digital transformation plan is to continuously improve its customer's banking journeys.

“We have since sought further feedback from our customers and have incorporated advanced features that would set us further apart from our competitors. The enhancement is expected to further change the mortgage landscape in Malaysia and is expected to be rolled out in the third quarter this year.”

In just five months since the launch of RHB MyHome in November, the increase in mortgage applications from MyHome has surpassed its initial target of 8%-10%.

RHB MyHome empowers consumers to self-direct their mortgage applications at any time, and anywhere at their convenience against the traditional face-to-face approach when applying for a mortgage.

In a bid to maintain its competitive edge, the bank has also lined up future releases this year to further differentiate itself from its peers.

“We rolled out a new Mortgage Referral App, RHB Partners in end-April 2018 to RHB staff and the app will soon be extended to our strategic business partners, namely developers, real estate agents and insurance agents.”

The app will enable referral of mortgage applications digitally and provide end-to-end digital submission through RHB MyHome.

Nazri said the industry's mortgage interest rate is currently at an accommodative level and RHB will remain competitive in its offerings for as long as it is commercially viable to do so.

He added that the bank has plans to replicate MyHome's success to other products.

“In 2017, we scaled up our digital transformation involving staff from multiple different departments and disciplines within the banking group to work together in agile way to deliver a customer-centric, insight-driven servicing and collaborative culture.”

The year-on-year adoption of RHB Bank's internet banking and mobile banking has grown by 30% and 36%, respectively.

“We launched three innovative digital solutions in Q4 2017. We have started leveraging on advanced analytics to gain deep insights on customers to increase cross-selling potential and enhance customer's experience,” Nazri said.


12/06/2018 20:44:34