Rapid profit down by $10 million

Rapid Discount House had a slight drop in profit from $430.6 million to $420.1 million, largely because of an increase in operating expenditure and a higher tax provision.

Interest income had more than doubled from $2.2 billion to $4.8 billion, while other income had shot up from $17.5 million to $102.7 million.

Though gross operating income had increased from $889 million to $1.1 billion, net operating income only increased marginally from $666.1 million to $678 million.

But net profit dropped by just over $10 million after the bank provided for taxation of $256.8 million compared to $235.4 million the previous year.

Its balance sheet almost trebled from $6.3 billion to $18.7 billion.

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