Hong Leong Bank’s 3Q pre-tax profit rises to RM697.04 mln
KUALA LUMPUR: Hong Leong Bank Bhd’s pre-tax profit for the third quarter (Q3) ended March 31, 2017 improved RM90.4 million or 14.9 per cent to RM697.04 million from RM606.64 million registered in the same period a year ago.
The increase in pre-tax profit was mainly due to higher net income of RM121.5 million and higher share of profit from an associated company of RM23.2 million.
“However, this was mitigated by higher operating expenses of RM28.8 million and higher charge on allowance for impairment losses on loans, advances and financing of RM26.2 million,” Hong Leong said in a filing to Bursa Malaysia yesterday.
Revenue also rose to RM1.12 billion from RM1 billion chalked up in the 3Q2016.
Going forward, group managing director/chief executive officer Domenic Fuda said the group expects the Malaysian economy to expand at a slightly faster pace this year, led by sustained domestic demand and supported by an improving global economic outlook.
“Against this better macro backdrop, we expect loans and deposits to continue the moderate growth trend in the coming quarters.
“Our resolve is to grow the domestic franchise and regional businesses through our Community Banking approach, and continue to differentiate ourselves via our multi- channel banking services to cater to the evolving needs of customers, whilst striving for productivity growth and operational excellence,” he added. — Bernama