Thursday 28 Mar 2024
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KUALA LUMPUR (May 28): Hong Leong Bank Bhd (HLB)'s net profit for the third quarter ended March 31, 2019 fell 8% year-on-year (y-o-y) to RM633.9 million from RM690.03 million, due mainly to lower net income.

In a filing to the stock exchange today, HLB said revenue for the quarter dipped to RM1.17 billion from RM1.26 billion previously.

Earnings per share was lower at 30.98 sen versus 33.73 sen a year earlier.

For the nine months ended March 31 (9MFY19), HLB's net profit edged up to RM2.03 billion from RM2.01 billion a year earlier, on the back of a healthy expansion in loan book despite lingering concerns in the operating environment.

Meanwhile, 9MFY19 revenue came in lower at RM3.56 billion versus RM3.66 billion a year ago.

In a separate statement, HLB group managing director and chief executive Domenic Fuda said despite ongoing economic challenges, the bank's loan growth momentum accelerated to a healthy 6.5% y-o-y expansion to RM133.6 billion, whilst continuing to uphold its asset quality.

Fuda said the positive performance was reflective of HLB's commitment in further enhancing product offerings, such as the recent launch of its co-branded Emirates HLB cards aimed at accelerating growth in its payments' business by leveraging the growing Malaysian travel segment.

On its outlook, Fuda said a steady labour market, ongoing fiscal reforms, and anticipation of revival in investment infrastructure spending are expected to provide much needed support for growth in domestic business activities and consumer demand, helping cushion fallouts from a more challenging external environment.

"Meanwhile, we remain steadfast and focused on executing our digital strategy to strengthen our digital offerings and transform our products and services to further enhance customer experience.

"Leveraging on our branch footprint and digital capabilities, we continue to grow our domestic franchise and regional businesses by entrenching ourselves in the communities in which we operate. We strive to continue leading in the digital space and by reimagining banking to provide best-in-class experience and seamless customer journeys," he said.

At the midday break, HLB shed 0.31% or 6 sen to RM19.20 with 47,900 shares traded.

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