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Hong Leong Bank’s income falls 8.1%

KUALA LUMPUR: Hong Leong Bank Bhd’s third quarter net profit fell by 8.1% to RM633.89mil from RM690.03mil a year ago due to a lower net income but mitigated by lower operating expenses, lower allowance for impairments and a higher share of profit from an associate company.

Egypt mulls Edra Power, Blackstone offers to take over power plants

CAIRO (Bloomberg) -- Egypt is considering offers from a Blackstone Group unit and Edra Power Holdings Sdn Bhd to take over three power plants co-built by Siemens AG -- a move that could cut the North African nation’s debts while bringing in much-needed foreign investment.

Kuala Lumpur-based Edra owns three gas-fired thermal power plants in Egypt, including this 682.5 MW gas-fired conventional thermal power plant located on the coast of the Mediterranean Sea, 45 km southeast of Port Said.

AmBank FY19 net profit rises to RM1.5b

KUALA LUMPUR: AmBank Group's net profit for the financial year ended March 31, 2019 rose by 32.9% to RM1.505bil from RM1.132bil in FY18, driven by its strong transformation strategy, net recovery and lower expenses.

AmBank CEO Datuk Sulaiman Mohd Tahir said the group recorded a net recovery of RM303.8mil in FY19 compared to an impairment charge of RM15.7mil last year, aided by several large corporate recoveries and the sale of retail non-performing loans.

Hong Leong Bank Q3 net profit at RM633.9m

KUALA LUMPUR: Hong Leong Bank Bhd's net profit fell by 8.1% to RM633.89mil from RM690.03mil a year ago due to lower net income but mitigated by lower operating expenses, lower allowance for impairments and higher share of profit from associated company.

Hong Leong Bank group managing director and CEO Domenic Fuda said: “Despite on-going economic challenges, loan growth momentum for Hong Leong Bank accelerated to a healthy 6.5% y-o-y expansion to RM133.6bil, whilst continuing to uphold   our solid asset quality, signifying the bank’s commitment towards delivering on sustainable results to our stakeholders.

Affin Hwang Research maintains buy on RHB Bank

KUALA LUMPUR: Affin Hwang Capital Research is retaining its buy call on RHB Bank with a target price of RM6.30 after it reported a robust 1Q19 first quarter results and expects earnings will remain resilient, supported by sound asset quality.

Turkish central bank raises reserve requirements on forex deposits

ANKARA: Turkey’s central bank said it had increased commercial banks’ reserve requirement rates for foreign exchange deposits, extending policy changes aimed at discouraging locals from converting their lira savings to other currencies.

Scomi plans to raise up to RM214mil

KUALA LUMPUR: Loss making company Scomi Group Bhd has proposed to raise as much as RM214mil by selling new rights shares and warrants.

Australia home prices stabilise on rate cut prospects

SYDNEY: Australian home prices saw a tantalising hint of stability last week as the hard-hit market drew support from the prospect of lower mortgage rates and a continuation of tax breaks for property investing.