Higher net profit for Hong Leong Bank

Hong Leong Bank group managing director and CEO Domenic Fuda said the group's strategic and tactical plans provided us a strong foundation to start the financial year on a positive note.

KUALA LUMPUR: Hong Leong Bank's net profit rose by 5.9% to RM728.90mil in its first quarter ended Sept 30,2020 from RM688.57mil a year ago due to higher net income, prudent cost control and robust contributions from its associates.

In a statement issued on Friday, the banking group said its pre-tax profit rose by 5.2% to RM890.25mil from RM846.55mil ago as net income was higher at RM133.50mil, operating expenses were lower at RM1.5mil and a higher share of proft from associated company of RM22.20mil.