Hong Leong Bank, the Malaysian banking group, posted a 45 per cent rise in after-tax net profit for the full year to 30 June 2012, from MYR1,137 million in the previous year to MYR1,648 million ($528 million). 

 

The result was helped by a strong fourth quarter performance, which recorded a 31.9 per cent gain in net profit after tax to MYR395 illion, from MYR299 million year-on-year. Total assets were also up by 4.8 per cent from 2011 to MYR157.8 billion.

 

Deposits from customers grew by 7.2 per cent in the financial year, with deposits from individuals and business enterprises rising 15.4 per cent and 17 per cent, respectively. Its Islamic banking unit, Hong Leong Islamic Bank, also saw its total assets grow by 7.8 per cent in the year to MYR21.9 billion. HLISB's total assets represent 13.9 per cent of the group's total assets. 

 

"Over the next few months, we remain vigilant to the fast-changing environment with the continuing weaknesses in the global economic outlook," commented Datuk Yvonne Chia, group managing director and chief executive of Hong Leong Bank.

 

Hong Leong Bank has been expanding its franchise to cater to a wider range of clients. In the past months, the bank has rolled out a new branch concept targetting the Gen-Y market segment through Mach by Hong Leong Bank, which showcases modern lifestyle banking facilities.