KUALA LUMPUR: Hong Leong Bank Bhd posted a lower net profit of RM534.79 in the third quarter ended March 31, 2020 (3QFY20) from RM633.89 mil in the corresponding quarter last year.
Revenue slipped to RM1.12 bil versus RM1.16 bil previously.
In a statement, group managing director and chief executive officer Domenic Fuda said growth prospects of the Malaysian economy had become more challenging amid protracted uncertainties surrounding the Covid-19 pandemic.
“The recent plunge in global crude oil prices as well as demand and supply disruption globally are expected to exacerbate the downside risks to domestic growth prospects.
“The growth outlook of the Malaysian and Asian economies would therefore hinge heavily on the containment of the pandemic, effectiveness of the recently introduced fiscal and monetary stimulus packages, and how the world rides out this global recession as economies reopen post-Covid-19 lockdowns,” he said.
Despite the challenging operating environment ahead, he said the bank remained committed in its vision to building a highly digital and innovative Asean financial services institution.
“Our priorities are to build products and services propositions that ring true to our brand promise of ‘Built Around You’ where clients are at the centre of everything we do.”
Fuda noted that the bank was steadfast in its commitment to help the local communities through this very difficult period, during which the small and medium enterprises and individuals, especially, are the most vulnerable.
“We will continue to provide the necessary support and collaborate closely with our customers to make sure they are able to return to a state of financial normalcy as economies adjust to the fight against Covid-19 and the ‘new norm’ operating environment,” he said. – May 29, 2020, Bernama
