Hong Leong Bank Q4 net profit up 30%

PETALING JAYA: Hong Leong Bank Bhd’s net profit for the fourth quarter ended June 30, 2018 jumped 30% to RM626.01 million from RM482.92 million a year ago due mainly to higher net income, lower operating expenses, lower allowance for impairment losses on loans, advances and financing, higher writeback of impairment losses on financial investments and higher share of profit from associate company.

Its revenue rose 2% to RM1.18 billion compared with RM1.15 billion in the previous year’s corresponding quarter.

For the full year, its net profit grew 23% to RM2.64 billion from RM2.15 billion a year ago due mainly to higher net income, lower allowance for impairment losses on loans, advances and financing, higher write back of impairment losses on financial investments and higher share of profit from associate company.

Revenue increased 6% to RM4.84 billion compared with RM4.55 billion in the preceding year.

Meanwhile, its parent Hong Leong Financial Group’s net profit rose 76% to RM454.29 million from RM258.79 million a year ago due to higher contribution across all the operating divisions.

Revenue jumped 4% to RM1.32 billion compared with RM1.27 billion in the previous year’s corresponding quarter.

For the full year, the group’s net profit jumped 26% to RM1.91 billion from RM1.51 billion a year ago due largely to higher contribution from the commercial banking and insurance divisions.

Its revenue increased 6% to RM5.35 billion compared with RM5.03 billion in the previous year.