For FY2024, HLFG registered an 11% increase in net profit at RM3.2 billion compared to RM2.88 billion in FY2023, while revenue also rose 2.62% to RM6.65 billion from RM6.48 billion previously, driven by improved contributions from all its operating companies.

At lunch break, HLFG’s shares jumped 14 sen to RM18.60, with 893,900 shares traded.

In a statement, AmInvestment Bank Bhd said that HLFG’s FY2024 earnings were within its expectations, coming in at 2.5% above its estimate.

“We maintain a ‘buy’ call on HLFG with a higher fair value (FV) of RM23.20 per share from RM22.50 per share previously.

“Our FY2025 and FY2026 earnings forecasts have been tweaked by +8.6% and +4.6%, respectively, due to increased non-interest income estimates,” the investment bank said.

Meanwhile, Hong Leong Bank Bhd (HLB) recorded a net profit of RM4.2 billion for FY2024, up 9.97% from RM3.82 billion in the previous year.

Total income expanded by 1.5% to RM5.77 billion from RM5.69 billion previously.

The positive performance was supported by strong loan/financing growth, improved asset quality metrics, and healthy contributions from its associates.

At midday, HLB’s shares fell 12 sen to RM21.16, with 1.27 million shares traded.

In a separate note, AmInvestment Bank also raised its FY2025 and FY2026 earnings forecast for HLB by 2.1% and 2.6%, respectively, factoring in higher net interest margin and non-interest income assumptions.

“HLB met all its key financial targets for FY2024, and the earnings of RM4.2 billion for the year were within our expectations, coming in 1% above our forecast.

“Hence, we maintain a ‘buy’ call on HLB with a higher FV of RM24.90 per share from RM24.10 per share previously,” it added.