HLFG nets RM418.75m on higher divi­sion con­tri­bu­tions

New Straits Times - - Business -

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

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