KUALA LUMPUR, May 31 — Hong Leong Financial Group Bhd’s (HLFG) net profit for the third quarter of its financial year ending June 30, 2023 (3Q FY2023) rose to RM712.45 million from RM577.47 million in the same quarter last year.
Revenue also increased to RM1.61 billion from RM1.50 billion previously, it said in a filing with Bursa Malaysia today.
The group recorded a profit before tax of RM1.27 billion in 3Q FY2023 compared to RM1.12 billion in the previous corresponding quarter, mainly due to higher contributions from the commercial banking and insurance divisions.
It said Hong Leong Bank Bhd (HLB) recorded a higher profit before tax of RM1.11 billion in 3Q FY2023 from RM1.03 billion previously.
This was attributed to a higher share of profit from associated companies of RM60.4 million, higher revenue of RM48.2 million, lower allowance for impairment losses on loans, advances and financing of RM13.3 million and lower allowance for impairment losses on financial investments and other assets of RM0.1 million.
Besides, HLA Holdings Sdn Bhd (HLAH) recorded a profit before tax of RM148.8 million in 3Q FY2023 compared to RM87.8 million in the previous corresponding quarter.
This was due to higher revenue of RM33.3 million, higher life fund surplus of RM20.8 million and higher share of profit from associated companies of RM12.8 million.
This was offset by higher operating expenses of RM5.9 million, said the filing.
However, Hong Leong Capital Bhd (HLCB) recorded a profit before tax of RM16.4 million for the current quarter ended March 31, 2023, as compared to RM26.5 million in the previous corresponding quarter, due to lower contributions from investment banking and stockbroking as well as fund management and unit trust management divisions.
In a statement, president and chief executive officer Tan Kong Khoon said the group maintains a cautious outlook on the economic landscape and shall take necessary precautions to safeguard the financial health and stability of the businesses. — Bernama
