PETALING JAYA: Although Hong Leong Bank Bhd (HLB) reported lower net profit for the fourth quarter ended June 20 compared with the corresponding quarter last year, it ended the financial year (FY) on a good note.
The banking group's net profit for 4Q11 fell to RM297mil from the RM303mil in 4Q10, on higher operating expenses and higher allowance for impaired loans. Its recent merger with the EON Bank Group (EBG) had also incurred expenses totalling RM111mil, which it had to bear during the quarter in review. The merger-related expenses, HLB said, had more than offset the profit contribution of RM72mil from EBG.