Hong Leong Bank up 3% on higher Q4 earnings

PETALING JAYA: Hong Leong Bank Bhd's share price jumped 3.02% this morning after its net profit for the second quarter ended Dec 31, 2017 rose 24.2% to RM683.07 million from RM549.94 million a year ago mainly due to higher net income, lower allowance for impairment losses on loans, advances and financing as well as higher share of profit from associated company.
As at 11.21am, Hong Leong Bank’s share price stood at RM19.08 with 366,400 shares changing hands.
Its revenue jumped 4.2% to RM1.23 billion compared with RM1.18 billion in the previous year's corresponding quarter.
For the six months period, the bank's net profit increased 21.0% to RM1.32 billion from RM1.09 billion a year ago, while its revenue went up 5.8% to RM2.41 billion compared with RM2.27 billion in the previous year's corresponding period.