HLB first-quarter earnings up 8% to RM542.6mil

PETALING JAYA: Hong Leong Bank Bhd’s (HLB) net profit for its first quarter ended Sept 30, 2016 rose 8% to RM542.63mil from RM502.96mil in the previous corresponding period, mainly due to higher net income of RM73mil, higher share of profit from an associated company and joint venture totaling RM10mil.

However, this was partly mitigated by higher operating expenses of RM27.9mil and higher allowance for impairment losses from securities of RM6.2mil, the bank said in a filing with Bursa Malaysia today.

Revenue stood at RM1.10bil from RM1.02bil a year earlier.

On its prospects for the remainder of its current financial year, HLBB said it remains focused on executing its strategy in building a high performance business, as well as strengthening the foundation for sustainable profitability.

“Given a challenging operating environment, the group will continue to strengthen digital offerings and customer analytics capabilities to add value and differentiate our multi-channel banking services.”