Hong Leong Pre-tax Profit Up 15 Pct To RM986 Mln    
Industry News

Source: Bernama.com

KUALA LUMPUR, Aug 27 (Bernama) -- Hong Leong Financial Group Bhd's pre-tax profit for financial year ended June 30, 2007 rose by 15 percent to RM986 million from RM859 million in the same period last year.

In a statement here today, it said net profit increased by 20 percent to RM488 million over the same period last year. Hong Leong said for this year, the group was focused on transforming its core businesses -- banking, insurance and securities and asset management. It said the banking division's net profit rose by 13 percent to RM621 from RM550 million previously.

"The positive profit performance continues to be supported by strong quality loans growth, particularly in the consumer financing segment namely, from mortgage, credit cards and personal lending," it said.

Hong Leong said the insurance division's net profit rose by 32 percent to RM91 million from RM69 million previously, mainly attributable to higher investment income and growth in premiums received.

It said the securities and asset management division's net profit rose by 41 percent to RM26 million from RM18 million previously. "This was due to higher brokerage income arising from the strong Bursa Malaysia trading volumes experienced during the year," it said.

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