KUALA LUMPUR (Nov 27): Hong Leong Financial Group Bhd's (HLFG) net profit for the first quarter ended Sept 30, 2019 dipped 3.1% to RM490.2 million from RM505.7 million a year earlier.

Revenue came in at RM1.33 billion — lower than RM1.38 billion in the same quarter last year, the group's bourse filing showed.

Earnings per share for the quarter was 43.1 sen versus 44.2 sen earlier.

HLFG declared a first interim dividend of 13 sen per share, payable on Dec 27.

The banking group said excluding one-off gains from an equity divestment of RM72.2 million recorded in the corresponding quarter last year, its normalised net profit attributable to shareholders for 1QFY20 expanded by 7% year-on-year.

HLFG president and chief executive officer Tan Kong Khoon said despite the subdued business environment, the group continued to show steady results across its core businesses.

"This was coupled with continued reinvestment of cost-saving actions into digital initiatives and judicious risk management during the year.

"We remain committed in executing our business and digital strategies to build long term sustainable value for our shareholders," he said.