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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Hong Leong Bank's 4Q Net Profit Surges Nearly 20%, Announces 43 Sen Dividend

 

Hong Leong Bank Bhd, Malaysia’s fifth-largest bank by assets, reported a strong financial performance for the fourth quarter of FY2024, with net profit rising nearly 20% year-on-year (y-o-y) to RM1.03 billion. This growth was driven by higher operating income and a writeback of provisions. The bank also declared a final dividend of 43 sen per share.

Key Highlights:

  1. Strong Financial Performance: For the quarter ended June 30, 2024, Hong Leong Bank’s net profit increased by 19.2% y-o-y to RM1.03 billion, supported by a 10.7% growth in net interest income and a 26.5% increase in non-interest income. The bank also benefited from a RM31.15 million writeback of impairment on loans.

  2. Dividend Announcement: The bank declared a final dividend of 43 sen per share for the current quarter, up from 38 sen in the same period last year, reflecting its strong financial position.

  3. Growth in Loans and Asset Quality: As of June 30, Hong Leong Bank’s gross loans and financing grew 7.3% y-o-y to RM194.9 billion, with improvements in its gross impaired loans ratio, which decreased to 0.53% from 0.57%. The bank’s loan impairment coverage ratio was robust at 155.0%, or 225.0% when including the value of securities held.

For the full financial year FY2024, Hong Leong Bank reported a 9.9% increase in net profit to RM4.20 billion, with steady growth in both net interest income and non-interest income, as well as improved asset quality metrics.

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