Hong Leong ups Q3 earnings by 49%

Hong Leong Financial Group increased its earning by a 49.2% increase in earnings to RM394.77mil in the third quarter ended March 31.

It posted earnings of RM264.59mil from the same period last year.

It announced that revenue rose 69% to RM1.079bil from RM638.95mil. Earnings per share were 38.10 sen compared with 25.60 sen. It declared an interim dividend of 15 sen a share.

"The group recorded an increase in profit before tax by RM252.5 million, up 64.9%. This is mainly due to contribution from the enlarged Hong Leong Bank entity arising from the acquisition of assets and liabilities of EON Capital Group.

HLFG said its banking arm, Hong Leong Bank Bhd group recorded a higher profit before tax of RM598.5mil, up 68.9% or RM244.1mil. The earnings were given a boost from the enlarged entity after acquiring EON Capital Bhd's assets and liabilities.

The share of profit in associate stake in Bank of Chengdu Co., Ltd recorded an increase of RM3.9mil, up 6.8% for this quarter against the preceding year's corresponding quarter.

As for the Hong Leong Capital Group, the profit before tax was lower at RM12.4mil from RM14.3mil a year ago due to the decrease in fees income while there was an increase in personnel expenses.

HLFG said the HLA Holdings Group recorded a profit before tax of RM21.0mil compared to RM19.9 million a year ago mainly due to higher contribution of the share of profit in 30% owned MSIG Insurance Bhd.

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