KUALA LUMPUR, Feb 28 — Hong Leong Bank Bhd (HLB) reported a higher net profit in the second quarter (Q2) ended Dec 31, 2021 of RM738.59 million from RM670.78 million in the same quarter a year ago.
Revenue, however, eased to RM1.37 billion from RM1.40 billion previously, the bank said in a filing with Bursa Malaysia today.
Meanwhile, for the first half (1H) of FY 2022, its net profit after tax increased 14.1 per cent year-on-year (y-o-y) to RM1.59 billion on the back of solid loan/ financing growth, prudent cost management, lower loan impairment allowances, and robust contributions from our associates.
Gross loans and financing grew by 6.7 per cent y-o-y, led by expansion in HLB’s mortgage portfolio and extensive financing provided to small and medium enterprises (SMEs) and corporate businesses, driven by the economic recovery during the quarter.
“Our concerted efforts in working closely with our clients by extending support when necessary has allowed us to maintain our solid asset quality, with a gross impaired loan (GIL) ratio of 0.46 per cent,” HLB group managing director and chief executive officer Domenic Fuda said.
Moving forward, he said under the new normal environment, HLB would continue to be disciplined in its investments and expenditure to ensure a cost structure that enables it to invest in growth opportunities that would deliver sustainable outcomes to stakeholders.
“With the increasing importance of sustainability for financial institutions, the bank has plans underway to play its part in promoting and integrating environmental, social and governance (ESG) considerations in its business operations and practices.
“This would help the bank in sustaining its competitive edge,” said Fuda. — Bernama