KUALA LUMPUR: Hong Leong Bank Bhd recorded a historic pre-tax profit of RM1.01bil for its financial year ended June 30, 2008, up 18% from the RM857mil a year ago.
The bank announced on Monday that after-tax profit rose by 20% year-on-year to RM742mil from RM620.8mil a year ago. Earnings per share (EPS) were 51.19 sen versus 42.4 sen a year ago.
“Total net income crossed the RM2bil mark, ending at RM2,018mil, up 14% year-on-year. This was driven by an 18% growth in net interest income, 11% growth in net income from Islamic banking and 5% growth in other operating income (non-interest income),” it said.
Returns on average shareholder funds increased to 15.3% on an annualised basis, up by 1.5% from 13.8% in FYE June 2007. Return on assets improved by 6 basis points against the same period last year to 1.0%.
For the fourth quarter, net profit was RM133.98mil versus RM172.41mil a year ago. Revenue rose to RM486.37mil versus RM459.74mil. EPS was 9.24 sen versus 11.83 sen. It proposed a 15 sen dividend per share.
On the FY financial performance, Hong Leong Bank said shareholder value creation strengthened in tandem, with returns on shareholder funds (ROSF) advancing 150 basis points to 15.3%, compared to 13.8% reported for the whole 12 months last fiscal year.
Its group managing director/chief executive Yvonne Chia said in the last four years since the group laid out its Business Transformation agenda, pre-tax profits had grown almost two-folds from RM 529mil in FY04 to over a RM1bil.
“Returns on shareholder funds are up 610 basis points from 9.2% in FY04 to 15.3%. This financial result is evidence that the efforts to step up and scale up our organic franchise in liberalising banking sector are paying off. “Our Business Transformation agenda is flexible and adaptive, but the core themes of high performance and sustainable, profitable growth remain consistent. We are on track to achieve our twin goals of a strong domestic core franchise and regional embedment,” she said.
The bank announced on Monday that after-tax profit rose by 20% year-on-year to RM742mil from RM620.8mil a year ago. Earnings per share (EPS) were 51.19 sen versus 42.4 sen a year ago.
“Total net income crossed the RM2bil mark, ending at RM2,018mil, up 14% year-on-year. This was driven by an 18% growth in net interest income, 11% growth in net income from Islamic banking and 5% growth in other operating income (non-interest income),” it said.
Returns on average shareholder funds increased to 15.3% on an annualised basis, up by 1.5% from 13.8% in FYE June 2007. Return on assets improved by 6 basis points against the same period last year to 1.0%.
For the fourth quarter, net profit was RM133.98mil versus RM172.41mil a year ago. Revenue rose to RM486.37mil versus RM459.74mil. EPS was 9.24 sen versus 11.83 sen. It proposed a 15 sen dividend per share.
On the FY financial performance, Hong Leong Bank said shareholder value creation strengthened in tandem, with returns on shareholder funds (ROSF) advancing 150 basis points to 15.3%, compared to 13.8% reported for the whole 12 months last fiscal year.
Its group managing director/chief executive Yvonne Chia said in the last four years since the group laid out its Business Transformation agenda, pre-tax profits had grown almost two-folds from RM 529mil in FY04 to over a RM1bil.
“Returns on shareholder funds are up 610 basis points from 9.2% in FY04 to 15.3%. This financial result is evidence that the efforts to step up and scale up our organic franchise in liberalising banking sector are paying off. “Our Business Transformation agenda is flexible and adaptive, but the core themes of high performance and sustainable, profitable growth remain consistent. We are on track to achieve our twin goals of a strong domestic core franchise and regional embedment,” she said.
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