RHB Singapore to lead group’s pivot toward ASEAN growth

In 2024, RHB Singapore reported an 18.6% increase in total income to $252.6m, whilst gross loans grew by 14.7% to $8.95b. 

RHB Singapore has been designated a regional hub for the RHB Banking Group as part of its new three-year strategic plan, PROGRESS27, which sets the direction for the Group’s operations from 2025 to 2027.

Announced at a media briefing in Singapore, the plan positions RHB Singapore as a key driver of the Group’s regional ambitions across ASEAN.

In 2024, RHB Singapore reported an 18.6% increase in total income to $252.6m, whilst gross loans grew by 14.7% to $8.95b. Profit before tax nearly doubled YoY, rising 95.6% to $98.7m.

RHB Singapore’s role was further elevated following a Group restructuring in April 2025, which saw the establishment of the Group International Business (GIB) unit. Operating in Singapore, Cambodia, Thailand, Laos, and Brunei, GIB contributed 12% of RHB’s total income in 2024. RHB Singapore accounted for approximately 80% of GIB’s income, reflecting its strategic importance.

PROGRESS27 sets three overarching goals: to be “Best in Service,” deliver “High Profitability,” and act in a “Responsible and Purposeful” manner. The Group is targeting a 12% return on equity, a cost-to-income ratio below 44.8%, and a gross impaired loan ratio not exceeding 1.3% by the end of 2027.