KUALA LUMPUR (Oct 1): Hong Leong Bank Bhd (HLB) chairman Tan Sri Quek Leng Chan said unexpected economic headwinds may lead to some recalibration of the bank's tactical approach as the group remains committed to supporting its customers through trying times due to the Covid-19 pandemic and US-China trade tensions.

Quek said in HLB's latest annual report filed with Bursa Malaysia today that the global economic outlook remains highly uncertain as both consumers and businesses adjust and adapt to the new normal.

"The bank will keep on delivering products and services that meet [our customers'] ever-changing needs.

"While the unexpected economic headwinds may require some recalibration of our tactical approach [to be dealt with], it has nevertheless proven that the bank has the resilience to consistently return good value to its stakeholders.

"The changes we are seeing in consumer behaviour and the need for a more resilient global supply chain may be here to stay," Quek said.

He said that despite the challenging economic backdrop, Malaysia is expected to weather the storm, supported by massive fiscal and monetary stimulus and by capitalising on its sound fundamentals and diversified economic base.

According to him, the Malaysian economy is expected to recover in 2021, in line with the rest of the world, as trade and domestic consumption improve along with better consumer sentiments and job prospects and as business investments return.

At 10.54am today, HLB's share price was eight sen or 0.53% lower at RM14.96, giving it a market value of about RM32.6 billion.

The stock saw 39,400 shares traded.