RHB Bank’s Singapore unit delivered pretax profits of S$98.7 million in 2024—a 95.6% increase year-on-year—and aims to achieve a 12% return on equity by 2027, underscoring its growing role in Southeast Asian financial services.
1. Strong Growth Performance
Under new CEO Goh Ken-Yi, RHB Singapore posted near doubling of pretax profits in 2024. The bank credits improved digital capabilities and client acquisition in HNWI and SME segments as primary drivers.
2. Strategic Use of Singapore Market
Choosing Singapore as its regional hub allows the Malaysian bank to leverage stable regulation, low tax burden, and gateway access to Southeast Asian capital markets and wealth clients.
3. Operational Goals
RHB Singapore targets reducing its cost-to-income ratio from 46.7% to below 44.8%, and impaired loans ratio to under 1.3% by 2027—a sign of disciplined risk and operational management focus.
4. Competitive Context
As other regional banks like UOB, DBS and OCBC deepen digital offerings, RHB’s Singapore arm needs to differentiate in niche segments, particularly cross-border and private client banking.
Editor’s Note:
RHB’s progress illustrates how secondary banking groups can punch above weight by leveraging Singapore’s ecosystem. Execution over the next two years will be critical.
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rhb‑singapore, banking‑expansion, regional‑growth, hni‑strategy