KUALA LUMPUR (Aug 28): Hong Leong Financial Group Bhd (HLFG) was among Bursa Malaysia’s top gainers this afternoon after the group reported its highest quarterly profit in almost a decade.
The stock rose as much as 36 sen or 2.85% to RM12.96 before paring some gains. At 3.30pm, the counter stood at RM12.82, with a gain of 22 sen or 1.75%.
HLFG earlier reported a 12.04% rise in net profit to RM525.14 million for the fourth quarter ended June 30, 2020 (4QFY20), from RM468.7 million a year earlier, on higher contributions from its insurance, investment banking and stockbroking divisions.
Revenue rose to RM1.43 billion from RM1.34 billion.
This is HLFG’s highest quarterly earnings since 2QFY11, when it posted a net profit of RM787 million on a revenue of RM1.3 billion.
For FY20 as a whole, HLFG’s net profit fell to RM1.86 billion from RM1.92 billion for FY19, while revenue dropped to RM5.26 billion from RM5.28 billion.
Edited by S Kanaraju