Hong Leong Bank Bhds (HLB) net profit for the third quarter of its financial year ending June 30, 2023(3Q FY2023) soared to RM929.95 million from RM784.80 million posted in the same quarter last year. The group recorded a higher pretax profit of RM1.11 billion compared to RM1.03 billion a year ago.
The increase in pretax profit was mainly due to higher net income, lower allowance for impairment losses on loans, advances and financing, a higher share of profit from associate companies and written back allowance for impairment losses on financial investments and other assets, HLB said in a filing with Bursa Malaysia today.
Revenue rose to RM1.39 billion from RM1.34 billion. For the cumulative nine months of FY2023, HLB registered a net profit of RM2.95 billion and revenue of RM4.38 billion. This is compared with a net profit of RM2.38 billion and revenue of RM4.10 billion in the previous corresponding period.
HLB group managing director and chief executive officer Domenic Fuda said the group remains cautiously optimistic over the business outlook for the remainder of 2023.
We are pleased with the solid underlying performance of the bank year-to-date, underpinned by healthy loan growth, solid asset quality and prudent funding and liquidity positions amid a slowing global landscape.
While the US banking turmoil appears contained for now, lingering recession risks among the major economies would continue to cloud global growth outlook, he said in a statement.
