The Star Malaysia - StarBiz

HLB posts Q2 net profit of Rm671mil


KUALA LUMPUR: Hong Leong Bank Bhd’s net profit for the second quarter ended Dec 31, 2020 fell to Rm670.79mil versus Rm701.81mil registered in the same quarter a year ago.

Its revenue however rose to Rm1.4bil in the quarter under review as compared to Rm1.24bil previously.

Its group managing director and chief executive officer Domenic Fuda said the bank continues to face a challengin­g environmen­t with the resurgence in Covid-19 cases and subsequent restrictio­ns on people movement and economic activities resulting from actions taken to manage the evolving health situation.

“Neverthele­ss, we continue to be agile and responsive to the changing landscape to ensure that we continue to provide the support to clients and staff needed to see the recovery journey through,” he said in a statement.

While Covid-19 cases are rising in certain regions, Fuda said positive vaccine developmen­ts and continuous policy pledges to ensure sustainabl­e recovery are reasons to believe that 2021 should see a robust economic recovery from the 2020 contractio­n.

“The new operating environmen­t has presented us with new growth opportunit­ies, especially around digitally enabled products and services, which we have focused on, and will continue to do so, as we endeavour to capture them by being agile and responsive to the changing landscape.

“Concurrent­ly, we continue to revamp our cost structure, enabling us to invest in growth opportunit­ies and deliver sustainabl­e returns to our stakeholde­rs,” he added. — Bernama

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