HLFG nets RM418.75m on higher division contributions

KUALA LUMPUR: Hong Leong Financial Group Bhd’s (HLFG) net profit increased 32.9 per cent in the third quarter to RM418.75 million, from RM315.07 million a year ago.

This was due to higher contribution across all operating divisions, it said.

Its revenue rose 19.5 per cent to RM1.23 billion from RM1.03 billion.

Its commercial banking arm Hong Leong Bank Bhd (HLB) recorded RM569.54 million net profit, up 14.4 per cent from RM497.83 million previously.

This was mainly due to higher revenue of RM121.5 million and a higher share of profit from the Bank of Chengdu and Sichuan Jincheng consumer finance joint venture of RM23.5 million. Its revenue increased 12.1 per cent to RM1.12 billion, from RM1 billion previously.

Hong Leong Capital posted a net profit of RM26.04 million, up 52 per cent from RM17.13 million.

For the nine months, HLFG’s net profit rose 29.3 per cent to RM1.25 billion from RM965.39 million. Its revenue rose 12.7 per cent to RM3.76 billion, from RM3.34 billion previously.

HLFG president and chief executive officer Tan Kong Khoon said the nine-month results reflected its multiple business initiatives. “Business growth remains intact, and more importantly, our core businesses continue to show strong credit and liquidity risk metrics.” Farah Adilla