Hong Leong Bank posts 7.1% profit growth in 9MFY24

This translated to a profit of  $671m.

Hong Leong Bank Berhad’s (HLB) profit after tax for the nine months ended 2024 (9MFY24) witnessed a 7.1% year-on-year (YoY) growth to $670.98m (RM3.16b).

Total income for the period “remained stable” with $913.86m (RM4.3b), driven by loan portfolio expansion and non-interest income.

Net interest income grew by 14.3% YoY to $254.99m (RM1.2b) for the quarter ended 31 March, with net interest margin improving to 1.87%.

Operating expenses remained stable at $361.24m (RM1.7b) for 9MFY24, contributing to a commendable CIR of 39.8%.

HLB identified wealth management as a key growth area, conducting a nationwide survey to enhance accessibility and understanding among Malaysians.

“Growth trajectory in the Malaysian economy is expected to improve over 2024, growing moderately by 4-5% this year,” Kevin Lam, Group Managing Director and Chief Executive Officer of HLB said in a media release.

“Resilient domestic demand underpinned by continuous improvement in the labour market, along with more robust external demand riding on sustained growth in the world economy and upturn in the global tech cycle, will be the main growth catalysts.” Lam added.

He also cautions that downside risks prevail, rooting form possible geopolitical competition, inflationary pressures, delay in policy softening in the US, and real estate/structural slowsdin in China.

($1.00 = RM4.67)