KUALA LUMPUR, Nov 29 — Hong Leong Bank Bhd’s (HLB) net profit rose to RM858.25 million in the first quarter ended Sept 30, 2021 (Q1) from RM728.90 million in the same quarter a year ago amid higher gross loans and financing.
Revenue increased to RM1.38 billion during the quarter under review from RM1.35 billion previously, HLB said in a filing to Bursa Malaysia today.
In a separate statement, group managing director and chief executive officer Domenic Fuda said gross loans and financing grew 5.2 per cent year-on-year (y-o-y) to RM155.8 billion, with asset quality remaining solid as reflected by a gross impaired loan (GIL) ratio of 0.48 per cent.
He said gross loans and financing growth was driven by the positive business sentiment and economic recovery during the quarter as well as expansion in small and medium enterprises (SMEs) and corporate businesses.
“While ensuring all clients receive the necessary assistance, we continue to closely monitor and uphold our asset quality, ending the quarter with a solid GIL ratio of 0.48 per cent.
“Amid the still uncertain business backdrop, we have leaned on the side of prudence and continue to build up additional preemptive impairment buffers,” he said.
HLB’s total income in the first quarter of its financial year 2022 saw a growth of 2.3 per cent y-o-y to RM1.38 billion, led by loan/financing expansion, prudent asset-liability management and higher net interest income.
Its net interest income grew 13.0 per cent y-o-y to RM1.12 billion, with a corresponding net interest margin (NIM) at 2.13 per cent, mainly attributed to the bank’s concerted efforts in managing funding cost and loan/financing expansion. — Bernama
Source: Malay Mail
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