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Hong Leong Financial Group's Q2 Pre-Tax Profit Dips Marginally To RM753.18 Million
Revenue grew to RM1.18 billion, during the quarter under review, from RM1.16 billion recorded in the corresponding quarter.
In a filing to Bursa Malaysia, the group said the weaker pre-tax profit was due to lower contribution from overseas business, however, this was mitigated by better performance from commercial banking and insurance operations.
For the first half of the current financial year, pre-tax profit rose 8.3 per cent, year-on-year, to RM1.57 billion on the back a stronger revenue of RM2.35 billion, attributed to growth achieved across its key businesses of commercial banking, insurance and investment banking.
Its commercial banking division, Hong Leong Bank Bhd, recorded a 6.8 per cent higher pre-tax profit of RM1.36 billion mainly from higher net interest and financing income.
The group's insurance division, HLA Holdings Sdn Bhd, chalked up a pre-tax profit of RM167.8 million, up 60.7 per cent, attributed to lower actuarial reserves arising from higher interest rates.
Hong Leong Financial Group's investment banking division, held under Hong Leong Capital Bhd recorded a 33.6 per cent growth in pre-tax profit, year-on-year, to RM35.4 million for the first six months ended Dec 31, 2013.
Moving forward, President and Chief Executive Officer Raymond Choong said the execution of its business plans remained on course.
"We are pleased with the progress achieved, especially as we continue to grow and strengthen our franchise value across all the business divisions," he added.
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