KUALA LUMPUR: Bank Rakyat Group has recorded a higher profit before tax and zakat (PBTZ) of RM1.76bil for the financial year ended Dec 31, 2023 (FY23), an increase of 3.8% compared with RM1.7bil a year ago.

       The group attributed the higher profit to strong fundamentals and its focus on core activities despite the uncertain global economic outlook and challenging banking environment.