Hong Leong Bank 1Q net profit up 10.63%

Hong Leong Bank Bhd’s net profit for the first quarter ended Sept 30, 2018 rose 10.63% to RM706.92 million from RM638.97 million a year earlier, on the back of robust growth in non-interest income.

In a bourse filing today, the bank said revenue for the quarter rose to RM1.25 billion from RM1.18 billion previously, while earnings per share was 34.55 sen versus 31.24 sen earlier.

In a separate statement, Hong Leong Bank group managing director and chief executive officer Domenic Fuda said business momentum had gained pace with gross loans and financing expanding 4% year-on-year despite persistent challenges in the operating environment.

“We maintained a very solid asset quality position with GIL (gross impaired loan) ratio of 0.81%, whilst loan impairment coverage (LIC) ratio at 128% is one of the strongest in the industry post adoption of MFRS9,” he said.

Fuda said key to the bank’s growth was digital innovation in its products and services, and to this end, Hong Leong Bank has continued to roll out new and innovative solutions, including being the first bank in Malaysia to enable customers to bind their debit cards to WeChat Wallet and use WeChat Pay as an alternative payment option, and a Smart Terminal, a first-in-market point-of-sale payment solution for merchants which integrates and accepts all cards and e-payment/wallet transactions.


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