Hong Leong Bank group managing director and CEO Domenic Fuda said the group's strategic and tactical plans provided us a strong foundation to start the financial year on a positive note. KUALA LUMPUR: Hong Leong Bank's net profit rose by 5.9% to RM728.90mil in its first quarter ended Sept 30,2020 from RM688.57mil a year ago due to higher net income, prudent cost control and robust contributions from its associates. In a statement issued on Friday, the banking group said its pre-tax profit rose by 5.2% to RM890.25mil from RM846.55mil ago as net income was higher at RM133.50mil, operating expenses were lower at RM1.5mil and a higher share of proft from associated company of RM22.20mil. However, this was mitigated by allowance for impairment losses on loans, advances and financing of RM113.3mil Hong Leong Bank's revenue increased by 10.9% to RM1.35bul from RM1.21bil. Earnings per share were 35.6 sen compared with 33.65 sen. Its group managing director and CEO Domenic Fuda said the environment which it operates in remains challenging, affected by the ongoing pandemic and cautious consumer and business sentiment.,
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