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Showing posts with the label Hong Leong Bank Bhd

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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Hong Leong Bank Expects Lower Costs with AI Integration

AI-Driven Cost Efficiency Hong Leong Bank (HLBANK) projects a lower cost-income ratio (CIR) due to AI adoption , expecting  CIR to drop below 40% , compared to its previous  41% guidance . For 1HFY2025, CIR stood at 38.8%, exceeding expectations  despite heavy IT and digital investments. AI is being expanded beyond collections and telemarketing to other operations, including boosting relationship managers’ productivity. Strategic AI & Digital Banking Collaboration Hong Leong Bank partners with China’s largest digital bank, WeBank Technology Services , serving  400M retail customers & 5M businesses . The alliance will focus on  AI, automation, and sales/service digitization  to  enhance efficiency and technological capabilities. Workforce & Regulatory Impacts AI adoption will not affect workforce numbers (~10,000 employees) but aims to improve productivity. The  removal of the Rule of 78 interest calculation method  is expected to ...
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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: 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. 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. 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 RM1...
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Market Daily Report: KLCI down despite steel counters rally

The FBM KLCI fell 1.49 points or 0.1% despite the steel counters rally. The decline was in line with Asian stock markets that sank on Monday.  FBM KLCI down slightly As at 5pm today, the KLCI closed at 1,669.5 points. The decline was even worse at 1,665.41 before a slight rebound towards closing.  Across Bursa Malaysia, 1.64 billion shares valued at RM1.57 billion were traded. There were 324 gainers and 484 decliners. Reuters reported that the decline was likely after last week's gain as investors shifted their attention from central banks to the much anticipated US presidential debate.  Today, Japan's Nikkei 225 dipped 1.25% while Hong Kong's Hang Seng fell 1.56%. For Bursa Malaysia, the top gainer was Hong Leong Bank Bhd while the top decliner was DKSH Holdings (M) Bhd. The most active counter was Hiap Teck Ventures Bhd.
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