RHB Banking Group is shifting from internal transformation to performance-focused execution across Association of Southeast Asian Nations (ASEAN). After completing structural improvements under Together We Progress 2024 (TWP24), PROGRESS27 marks a shift in focus to profitability, service quality and long-term sustainability, now embedded into daily banking performance across all markets. These priorities are gaining traction, supported by strong financial momentum. In 2024, RHB reported $1.9 billion (MYR 8.8 billion) in total income, $660 million (MYR 3.1 billion) in net profit, and a return on equity of 10.04%, validating the foundation laid by TWP24. Singapore has emerged as the group’s key regional hub, contributing over 80% of income from group international business (GIB). RHB aims to scale consistent performance across ASEAN by aligning internal transformation with frontline growth. This shift reflects a broader pivot from system upgrades to outcome delivery. Where TWP24 focused on internal culture and process, PROGRESS27 targets external growth through unified platforms, integrated client strategies and measurable results. Mohd Rashid Bin Mohamad, group managing director of RHB Banking Group, leads this shift with a strong emphasis on measurable delivery and execution discipline. He described the macro environment as “choppy” and highlighted the need for “institutional clarity and execution discipline.” He said, “PROGRESS27 is about sharpening our execution engine to drive quality, sustainable growth through clearly defined priorities and measurable outcomes.” He added, “We act on feedback. That discipline helps us improve and build agility into how we deliver.” Mohd Rashid Bin Mohamad Group Managing Director RHB Banking Group Linking profitability, quality and sustainability to frontline targets PROGRESS27’s strategic pillars are now being implemented through specific operational targets. RHB is expanding non-interest income by growing corporate fee income by 10%, mid-cap segment by 11%, and small-cap segment by 13%. These targets are supported by advisory, wealth and treasury products delivered through relationship-based banking, linking client engagement to product diversification and stable, fee-based earnings. Cross-segment collaboration is central to delivery. In Singapore, corporate, retail and wealth teams work together closely, serving clients with both personal and business needs. The group is also accelerating its sustainable finance commitments, raising its green and social lending target from $10.7 billion (MYR 50 billion) to $19.2 billion (MYR 90 billion) by 2027. Lending portfolios will support healthcare, green real estate, infrastructure, and small and medium enterprises (SMEs), reinforcing both economic development and environmental, social and governance (ESG) outcomes. Digital inclusion forms a key pillar of the sustainability agenda. RHB has extended its reach through Boost Bank, a separately licensed digital bank developed in partnership with Boost Holdings. Boost Bank serves micro-entrepreneurs, gig workers and first-time borrowers who may not meet traditional credit. This structure enables innovation and reach while isolating operational and credit risk from RHB’s core banking model. Integrating ASEAN operations under one platform RHB has consolidated its GIB under a single platform across Singapore, Cambodia, Thailand, Brunei and Laos. This structure standardises product rollout, coverage, capital allocation and compliance, enabling more predictable and scalable business models across markets. Danny Quah, managing director of GIB at RHB Banking Group, positioned Singapore as both the anchor and springboard for this strategy. “RHB Singapore is now the strongest international entity in the group,” he said. “It contributes over 80% of GIB income and has built a platform that creates synergy across the region. While we align with each market’s dynamics and regulatory expectations, our shared goal is to grow responsibly and serve meaningfully.” Quah explained that Singapore’s performance is increasingly underpinned by fee-based income from investment banking and advisory. RHB is deliberately pairing balance sheet support with value-added services in mergers and acquisitions (M&A), equity capital markets and cross-border corporate solutions. This model deepens client relationships and reduces the group’s exposure to interest rate cycles. Danny Quah Managing Director of Group International Business RHB Banking Group Between 2021 and 2024, GIB delivered 17.1% compound annual growth in income and 156.8% growth in profit before tax, reflecting the benefits of shared governance, streamlined functions and unified regional infrastructure. Singapore as the engine of regional execution RHB Singapore, the group’s most profitable international unit, also serves as a testbed for PROGRESS27. From 2021 to 2024, it recorded 18.6% compound annual revenue growth and a 95.6% rise in profit before tax, increasing its share of group profit before tax from 6% to 10%. The group now targets 30% growth in RHB Singapore’s revenue, loans and profit before tax by 2027, driven by secured lending, healthcare and infrastructure finance, and client integration across business lines. Goh Ken-Yi, CEO of RHB Singapore,noted that the bank’s strong results reflect more than loan growth.“Through PROGRESS27, we aim to scale up our platform and deliver purposeful, differentiated value to both our customers and our stakeholders.” He explained, “When we work with corporate and investment banking clients, we also want to bring them into our retail banking experience.” Goh explained that Singapore’s profit growth is increasingly driven by fee income from M&A advisory, equity capital markets and wealth-linked products like insurance. He emphasised that internal incentives are aligned to encourage relationship managers to operate across business lines. “Clients should experience the full breadth of what we offer, whether through investment banking, retail or wealth,” he said. Goh Ken-Yi CEO of RHB Singapore Branch redesigns in Singapore support this strategy. New branches feature a Peranakan theme, enhancing the client experience and reflecting local culture. This reinforces efforts to integrate service quality and brand identity across the region. Singapore exemplifies how PROGRESS27 translates into delivery: profitability through secured lending, service quality through design-led engagement, and sustainability through sector-focused growth. Scaling sustainable growth through embedded performance RHB is embedding execution discipline into daily operations, replacing episodic transformation with continuous performance management. PROGRESS27 signals a permanent shift toward outcome-focused delivery across all businesses and markets. With Singapore as its commercial hub and a unified platform across ASEAN, RHB is scaling execution, building resilience and reinforcing stakeholder value. Other leading Malaysian banks also hold long-term strategies— CIMB’s Forward30, which emphasises generative artificial intelligence and ASEAN scale, and Maybank’s M25+, targeting platform modernisation and Islamic finance leadership. RHB’s distinction lies in embedding these priorities within a single, performance-led model supported by a three-pillar strategy and eight transformation programmes. By aligning strategy with measurable outcomes across profitability, service and sustainability, RHB is strengthening its position as a regionally integrated institution delivering long-term value through disciplined execution.
