Hong Leong Bank 3Q net profit up 27% to RM289.69m

KUALA LUMPUR: HONG LEONG BANK BHD []
(HLBB) net profit for the third quarter ended March 31, 2011 rose 27%
to RM289.69 million from RM227.96 million a year earlier, due mainly to
higher net income of RM69.9 million coupled with share of profit from
Bank of Chengdu of RM30.2 million.
Revenue for the quarter rose to RM57.91 million from RM508.05
million. Earnings per share was 19.95 while net assets per share was
RM4.87.
For the nine months ended March 31, HLBB’s net profit jumped to
RM838.33 million from RM686.92 million on the back of revenue RM1.72
billion.
On its current year prospects, HLBB said on Tuesday, May 10 that it
continued to be optimistic about the economic outlook for the rest of
the year despite the recent geopolitical events in the Middle East and
the natural disaster that struck Japan.
“There are opportunities to assert our liquidity franchise to strongly grow our scale.
“The group will continue to focus on its core businesses emphasizing
efficiency and optimal returns on client relationship as well as
capitalizing on improving business opportunities in Malaysia and the
region,” it said.