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PETALING JAYA: Hong Leong Financial Group Bhd recorded a 6.4% increase in net profit to RM681.74 million from RM640.56 million year-on-year (y-o-y) for the first quarter ended Sept 30, 2022 (Q1’23), due to higher contributions from the commercial banking division, Hong Leong Bank Bhd (HLB).

Revenue for the quarter increased 5.5% to RM1.65 billion from RM1.56 billion in the same quarter last year.

HLB recorded a higher profit before tax (PBT) of RM1.19 billion versus RM1.04 billion in the previous corresponding quarter, mainly due to higher revenue of RM120 million, a higher share of profit from associated companies of RM47 million, and lower allowance for impairment losses on loans, advances and financing of RM11.2 million.

Meanwhile, the insurance division, HLA Holdings Sdn Bhd (HLAH) and the investment banking division, Hong Leong Capital Bhd, recorded lower contributions.

HLAH posted a lower PBT of RM67.7 million from RM108.9 million previously due to a lower life fund surplus of RM17.2 million, lower share of profit from an associated company of RM14.5 million, and higher operating expenses of RM9.5 million.

HLCB reported a weaker PBT of RM20.8 million as compared with RM36.9 million in the previous corresponding quarter amid lower contributions across all operating divisions.

The group’s president and CEO Tan Kong Khoon said looking forward, Malaysia’s economy is expected to remain resilient on the back of heightened economic activities supported by robust export growth, improved performance in the services sector and rebound in manufacturing sectors.

“However, the recovery momentum continues to face multiple macro-economic and external headwinds ranging from elevated inflationary pressures, the effects of a strong US dollar and the risk of a global economic recession.

“With many factors at play, we shall be vigilant against these risks and are cautiously optimistic that the Malaysian economy will remain resilient amidst an uncertain and volatile global backdrop,” he added.

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