Hong Leong Bank reports higher earnings

Describes operating results as commendable.

Hong Leong Bank Bhd reported a 6.5% improvement in earnings to US$561 million in the financial year ended June 30 from US$525 million in the previous financial year.

Gross loans and financing rose by 7.3% year-on-year to US$29 billion. Customer deposits rose to US$37 billion.

For the fourth quarter ended June 30, Hong Leong’s earnings rose 2.6% to US$125 million from US$121.6 million a year ago. Its revenue rose 2% to US$22.5 million.

CEO Tan Kong Khoon described the financial year's results as another set of commendable results.

"Against previous financial year, operating profit and net profit grew 10.6% to US$647 million and 6.5% to US$556 million, respectively, led by higher non-interest income, improved operating efficiencies and higher profit contribution from associates," he said.