Hong Leong Financial Group’s 1H Net Profit Improves To RM1.57 Billion

Hong Leong Financial Group Berhad today announced its first half results for the six months ended 31 December 2023 reporting a net profit attributable to shareholders improving by 6.2% to RM1.57 billion driven by the improved contributions across all operating companies.

Commercial banking division, Hong Leong Bank Berhad’s profit before tax increased by 4.4% year-on-year underpinned by continued strong loan/financing expansion, sustained non-interest income and robust contributions from our associate.

The groups insurance division, HLA Holdings Sdn Bhd’s PBT grew by 3.1% y-o-y from improved takaful business and Singapore contributions as well as higher share of profits from its associate.

Investment banking division, Hong Leong Capital Berhad’s PBT rose 29.8% yo-y mainly from higher net brokerage and client trust income as well as improved equity investment performance.

The Board has declared an interim dividend of 18.00 sen per share in H1FY24, amounting to a dividend payout of RM204.9 million. Hong Leong Financial Group’s President & Chief Executive Officer, Tan Kong Khoo commented, “The Group’s sustained H1FY24 financial performance is a positive reflection of the strong fundamentals and growing momentum in all segments of our business. Strong asset quality, stringent cost controls and higher contributions from our associates contributed to improved profitability. This was achieved despite the challenging operating environment amid macroeconomic headwinds and financial market volatility.

Going into the second half of the financial year, Hong Leong said it is maintaining a cautious stance given the continuing macroeconomic uncertainty. However, we anticipate Malaysia’s economy to remain resilient driven by domestic demand and Government economic initiatives.

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