Hong Leong Financial 1Q net profit rises to RM640.56 mln

KUALA LUMPUR: Hong Leong Financial Group Bhd’s net profit for the first quarter ended Sep 30, 2021 increased to RM640.56 million from RM587.03 million recorded in the same quarter a year ago.

Revenue rose to RM1.56 billion from RM1.50 billion previously, the group said in a filing with Bursa Malaysia yesterday.

President and chief executive officer Tan Kong Khoon said the group continued to deliver commendable performance across its operating businesses despite navigating a challenging business environment impacted by the resurgence of Covid-19 cases and reimplementation of movement restrictions.

“We anticipate Malaysia’s economy to recover progressively supported by the reopening of economic activities, high vaccination rates and accommodative policy stance amidst rising inflationary pressures from global supply chain issues and high commodity prices.

“We shall remain prudent in managing our key business risks and be vigilant against the risk of any resurgence in Covid-19 cases.

“We expect the group to remain resilient and draw on its strength in terms of liquidity, capital and credit discipline whilst maintaining a strong focus on risk management,” he said.

Tan said the group had increased its focus on managing environmental, social and governance (ESG) and associated issues under a group-wide approach.

“We continue to ensure that our operating companies are strengtheningtheirsustainable business practices and are integrating ESG principles into their lending practices, investment framework and financial services,” he added. — Bernama