Malaysia

Hong Leong Bank quarterly revenue up, but net profit dips


The group’s managing director says efforts will be made to revamp the bank’s cost structure.

KUALA LUMPUR: Hong Leong Bank Bhd’s net profit for the second quarter ended Dec 31 fell to RM670.79 million versus RM701.81 million a year ago.

Its revenue however rose to RM1.4 billion as compared to RM1.24 billion previously.

Its group managing director and chief executive officer Domenic Fuda said the bank continues to face a challenging environment with the resurgence in Covid-19 cases and subsequent restrictions on movement and economic activities.

Fuda said positive vaccine developments and policy pledges on sustainable economic recovery are “reasons to believe that 2021 should see a robust economic recovery from the 2020 contraction”.

He said the bank would “continue to revamp our cost structure, enabling us to invest in growth opportunities and deliver sustainable returns to our stakeholders”.



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