KUALA LUMPUR (Nov 22): Hong Leong Financial Group Bhd's (HLFG) first quarter net profit slipped 0.2% to RM386.19 million from RM386.88 million a year earlier, mainly on higher minority interest.

HLFG told Bursa Malaysia that revenue grew to RM1.18 billion in the first quarter ended Sept 30, 2016 (1QFY17) from RM1.15 billion. Profit after tax before minority interest rose to RM583.36 million from RM581.68 million.

According to HLFG, minority interest was higher at RM197.17 million versus RM194.8 million.

The group declared a dividend of 13 sen a share for the quarter in review. The ex- and payment dates fall on Dec 6 and 23 respectively.

"HLFG Group recorded a profit before tax of RM725.5 million for the current quarter ended Sept 30, 2016 compared to RM697.0 million in the previous corresponding quarter, an increase of RM28.5 million or 4.1%. The increase was mainly due to higher contribution from its commercial banking and investment banking divisions," HLFG said.

HLFG president and chief executive officer Tan Kong Khoon said in a separate statement: "It has been a good start to the new financial year despite the challenging economic environment. Business growth remains intact and most importantly our core businesses continue to show strong credit and liquidity risk metrics which is important in these times."

Tan said HLFG would continue to build sustainable long-term value for shareholders.

Meanwhile, HLFG subsidiaries Hong Leong Bank Bhd and Hong Leong Capital Bhd reported 1QFY17 net profit rise from a year earlier.

Hong Leong Bank told Bursa Malaysia that its net profit rose to RM542.63 million from RM502.96 million. Revenue was higher at RM1.1 billion versus RM1.02 billion.

Hong Leong Capital said net profit climbed to RM20.19 million from RM15.61 million. Revenue was higher at RM68.73 million compared to RM59.17 million.

HLFG shares dipped 10 sen or 0.7% at 2:32pm to RM15.26 on trade volume of 25,200 shares. At RM15.26, HLFG has a market value of RM17.55 billion.