Revenue was higher at RM1.44 billion from RM1.4 billion previously.
In a filing with Bursa Malaysia today, HLB said net interest income grew to RM1.18 billion for the quarter under review, underpinned by strong loans, financing expansion, and effective funding cost management.
For the nine months ended March 31 (M9 FY2024), HLB’s net profit rose 7.1% to RM3.16 billion from RM2.95 billion in the previous corresponding period, contributed by solid loans/financing growth, disciplined cost management, and robust contributions from its associates.
“Consequently, this translates into a commendable return on equity (ROE) of 12%,” the bank added.
Revenue for M9 FY2024 fell to RM4.29 billion from RM4.38 billion previously.
Group managing director and CEO Kevin Lam said HLB remained cautiously optimistic about the business outlook and macroeconomics for the remainder of FY2024, as it focusses on executing its business strategies to deliver sustainable outcomes to stakeholders.
“With that, we are pleased with the underlying sound M9 FY2024 performance led by sustained loans/financing growth, healthy asset quality, solidified with prudent funding and liquidity positions,” he said.
In a separate Bursa Malaysia filing, HLB’s parent company, Hong Leong Financial Group Bhd (HLFG), recorded a higher net profit of RM818.07 million in Q3 FY2024 from RM735.97 million from the same quarter in FY2023.
At the same time, revenue rose to RM1.7 billion in the quarter under review against RM1.64 billion previously.
For M9 FY2024, HLFG posted a net profit of RM2.39 billion compared with RM2.22 billion in M9 FY2023, while revenue stood at RM4.93 billion against RM4.99 billion in the previous corresponding period.
HLFG said its insurance division, HLA Holdings Sdn Bhd, achieved pre-tax profit growth of 2.1% year-on-year (y-o-y) to RM453 million on stronger investment income and a higher share of associate profits.
The group’s investment banking arm, Hong Leong Capital Bhd, recorded a pre-tax profit of RM73.9 million, up 40% y-o-y due to higher stockbroking income and improved equity investment performance, but recorded lower contributions from investment banking.
HLFG president and CEO Tan Kong Khoon said the group’s performance was commendable as it achieved an ROE of 11.3%, underpinned by strong asset quality, robust loans/financing growth, improved investment income and higher contributions from associates.
“Going into the final quarter of the financial year, we are cautiously optimistic about the continuity of our business growth momentum as we anticipate Malaysia’s economy to remain resilient on the back of domestic demand and government economic initiatives.
“Nevertheless, we are cognisant of downside risks as the global economy faces external headwinds from evolving geopolitical and trade tensions between major economies,” he said.