KUALA LUMPUR, Nov 27 — Hong Leong Bank Bhd’s net profit in the first quarter ended September 30, 2019 (Q1) decreased to RM688.57 million from RM706.91 million in the same period a year ago.
Revenue declined to RM1.21 billion from RM1.25 billion previously, the banking group said in a filing with Bursa Malaysia today.
At the pre-tax level, profit amounted to RM846.6 million in the quarter reviewed compared with RM851.1 million in the same period previously.
“The decrease in pre-tax profit was mainly due to lower net income of RM33.9 million and lower share of profit from associated companies of RM1.9 million.
“However, this was mitigated by lower operating expenses of RM2.9 million and written back of impairment losses on loans, advances and financing of RM27.7 million,” it said.
On prospects, the bank said it will continue to explore new growth opportunities while revamping its cost structure through the digital transformation journey, thus enabling the group to achieve sustainable growth and returns for its stakeholders. — Bernama
