Hong Leong’s Digital Transformation Aimed At Developing World-Class Digital Capabilities

Hong Leong Bank is confident that the strength of its digital transformation guided by “Digital at the Core” ethos would be able to transform customer journeys, drive greater financial inclusion and build world-class digital capabilities.

Group Managing Director and CEO, Domenic Fuda said the efforts are aligned with Bank Negara Malaysia’s recent launch of Financial Sector Blueprint 2022-2026 which outlined the central bank’s key priorities for the next five years.

“The post-pandemic setting has ushered in an exciting time for digital-first banks like HLB where digitalisation is now the new reality in almost all areas of financial services,” he said in the bank’s 2022 annual report filed with Bursa Malaysia today.

Hence, he said HLB is poised to take advantage of opportunities to deliver value-added, inclusive, and relevant services to stakeholders as it progressed in the journey to be a highly digital and innovative ASEAN financial services institution.

Fuda said the bank also remained committed to innovation as well as building products and services propositions for customers and also resolute in providing timely and necessary financial assistance to both existing and new clients.

He said this is to ensure that they could concentrate on their respective recovery efforts as well as invest for future business growth, digitisation initiatives, and investment in sustainable practices.

“We believe sustainable banking practices will serve as the foundation of our continued competitive advantage in the coming years,” he said.

HLB is Malaysia’s fifth largest banking group by assets at RM254.3 billion and fourth largest by market capitalisation as of June 30.

The bank’s net profit for the financial year ended June 30, 2022 (FY2022) surged 15 percent to RM3.29 billion from RM2.86 billion a year ago while revenue jumped to RM5.6 billion from RM5.47 billion previously underpinned by higher net interest income.

HLB’s board has declared a final dividend of 37 sen per share bringing the total dividend to 55 sen per share for FY2022 with a dividend payout ratio of 35 percent.

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