KUALA LUMPUR: Hong Leong Financial Group (HLFG) Bhd’s pre-tax profit for the first quarter ended June 30, 2017 increased 15.8 per cent, year-on-year, to RM840.46 million compared with RM725.51 million recorded in the corresponding quarter last year. Revenue rose to RM1.28 billion, during the period under review, from RM1.18 billion in the corresponding period in 2016. In a filing to Bursa Malaysia today, HLFG said the higher pre-tax profit was due to stronger contributions from its commercial banking and insurance businesses. In a separate filing, it said the increase in pre-tax profit was mainly due to higher net income of RM82.4 million, higher share of profit from an associated company of RM58.5 million and lower allowance of impairment losses on financial investments of RM3.4 million. “However, this is mitigated by higher operating expenses of RM16.5 million, higher allowance for impairment losses on loans, advances and financing of RM20.3 million and lower share of profit from a joint-venture of RM1.7 million,” it added.

Source: New Strait Times November 30, 2017 09:45 UTC