KUALA LUMPUR: Hong Leong Bank Bhd’s net profit for the first half of its financial year ending June 30, 2024, (H1’24) rose 4.7% to RM2.11 billion versus RM2.02 billion registered in H1’23, amid strong loans/financing expansion, improved non-interest income and robust contributions from associates.
Revenue for the first six months ended Dec 31, 2023, stood at RM2.85 billion compared with RM2.98 billion before, it said in a filing with Bursa Malaysia.
Gross loans and financing maintained its strong growth trajectory, expanding 7.5% year-on-year (y-o-y) to RM185.2 billion, while asset quality remained solid with a Gross Impaired Loan ratio of 0.56% and prudent Loan Impairment Coverage ratio of 163.4%, it said in a separate statement here, yesterday.
For the second quarter of financial year 2024, net profit was higher at RM1.08 billion from the RM1.04 billion it posted in the same quarter previously. Revenue slipped to RM1.46 billion against RM1.48 billion previously.
Group managing director and CEO Kevin Lam said the bank stands firm in its brand promise of “Built Around You” by delivering innovative and customer-centric banking solutions to its customers while pursuing opportunities where we can deliver business growth and drive franchise value.
“To make this possible, it remains crucial for us to build world-class digital capabilities and continue to support and enable our employees to develop to their greatest potential.”
The board has declared an interim dividend of 25 sen per share for H1’24. – Bernama