Hong Leong Bank posts 1Q net profit of RM234.2 million

Hong Leong Bank posts 1Q net profit of RM234.2 million

Tags: Hong Leong Bank

Written by Joseph Chin
Wednesday, 11 November 2009 21:13

KUALA LUMPUR: HONG LEONG BANK BHD [] posted a net profit of RM234.21 million for its first quarter ended Sept 30, a slight decline of 3.2% from RM242.04 million a year ago.

Announcing its earnings on Wednesday, Nov 11, it said revenue was 7% lower at RM511.67 million from RM550.13 million. Earnings per share were 16.2 sen versus 16.7 sen.

Bank of Chengdu Co Ltd, in which Hong Leong owns a 20% stake, contributed RM31 million to the 1Q profit.

The performance showed an improvement from the fourth quarter ended 30 June,2009, with net profit up 18% to RM234 million.

Hong Leong Bank said returns on average shareholder funds remained resilient at 15.9% on an annualised basis.

"Total net income increased 3.7% q-o-q to RM512 million. Net interest income increased 9.8% q-o-qr to RM335 million. Non-interest income increased by 0.05% q-o-q to RM129 million. Cost-to-income ratio was 41.1% for 1QFY10 . Total assets were RM77 billion. Gross loans grew by 0.4% y-o-y to RM36 billion," it added.

http://www.theedgemalaysia.com/business-news/153455-hong-leong-bank-posts-1q-net-profit-of-rm2342-million.html