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Hong Leong Finance H2 profit up 113.7% to S$85.8 million on strong loan growth, higher asset yields
HONG Leong Finance : S41 0% posted a 113.7 per cent rise in net profit to S$85.8 million for its second half ended Dec 31, 2022, from S$40.1 million the year before.
In 2022, the finance company recorded strong loan growth and an uplift in its asset yields, which outpaced a higher cost of deposits amid the ongoing interest rate hikes, it said in a bourse filing on Friday (Feb 24).
Earnings per share stood at 38.28 Singapore cents for the half-year period, up from 17.93 cents the previous year.
The group&rsquo s net interest margin expanded by 70 basis points to 2.11 per cent in H2. This brought net interest income up by 64.3 per cent to S$145.8 million, as the company gained from rising benchmark rates amid interest rate repricing.
Its fee and commission income grew 26.7 per cent on year to S$8.3 million.
Meanwhile, net allowances for loans and other financial assets were lower at S$0.9 million for the half-year period, due to lower allowance for credit-impaired loans than in the same period last year.
The group is recommending a final dividend of 13.25 Singapore cents per share, up from the 8.25 cents per share in the year earlier. Once approved by shareholders at the annual general meeting on Apr 27, the dividend will be paid on May 26.
For the full year, net profit rose 54.3 per cent on year to S$130.9 million, as net interest income gained 36.1 per cent to S$242.2 million. The group&rsquo s full-year fee and commission income grew 46.3 per cent to S$16.4 million on more lending activities.
Meanwhile, net allowances for loans and other financial assets increased to S$2.8 million on the back of higher allowances for non credit-impaired loans on revised risk parameters and higher loan portfolio.
The group expects 2023 will be &ldquo a year of normalisation amid cyclical headwinds&rdquo .
Hong Leong Finance chairman Kwek Leng Beng said the group will continue to focus on sourcing strategic opportunities, accelerating digital adoption and innovation, and exercising financial prudence.
Very good leh
SDEXXXXD ( Date: 25-Feb-2023 08:04) Posted:
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yes correct.
john_ric ( Date: 24-Feb-2023 22:53) Posted:
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A Final Dividend of 13.25 cents ($0.1325) per share .
1000 share : $132.5 correct?
1000 share : $132.5 correct?
Very good, haha
Dividends
A Final Dividend of 13.25 cents per share (tax exempt one-tier) is recommended by the directors for approval
by shareholders in respect of the year ended 31 December 2022. Subject to shareholders? approval at the
Annual General Meeting to be held on 27 April 2023, the dividend will be payable on 26 May 2023.
A Final Dividend of 13.25 cents per share (tax exempt one-tier) is recommended by the directors for approval
by shareholders in respect of the year ended 31 December 2022. Subject to shareholders? approval at the
Annual General Meeting to be held on 27 April 2023, the dividend will be payable on 26 May 2023.
Should be a good year 2022.
Waiting for my dividend.
Waiting for my dividend.
Hong Leong Asia unit Guangxi Yuchai included in US ' unverified list'
Guangxi Yuchai Machinery, an indirect subsidiary of Singapore-listed Hong Leong Asia, has been included by the US government in its so-called &ldquo Unverified List&rdquo .
Guangxi Yuchai is a subsidiary of New York-listed China Yuchai International. It specialises in building diesel engines. Hong Leong Asia is the manufacturing and building materials holding company of the Kwek family.
The Unverified List is maintained by the Bureau of Industry and Security in the US Department of Commerce.
While most of the dozens of companies in the list are from China, they come from other countries such as Armenia, Canada, Switzerland and Singapore as well.
According to Reuters, companies are added to the unverified list because the US could not complete on-site visits to determine whether they can be trusted to receive sensitive technology exports from the US.
US inspections of Chinese companies require the approval of China' s commerce ministry.
&ldquo The company understands that an entity&rsquo s listing on the Unverified List does not mean that US exporters cannot engage with the parties listed,&rdquo says China Yuchai on Oct 16.
&ldquo Rather, the US exporters will have to conduct additional due diligence to verify end use or end users of final products before exporting the goods,&rdquo adds China Yuchai.
China Yuchai &ldquo understands&rdquo that its Guagnxi Yuchai has been proactively addressing the matter and that as at Oct 16, Guangxi Yuchai&rsquo s business is operating normally with no major supply chain impact, says China Yuchai.
China Yuchai&rsquo s US quoted shares closed at US$7.05 on Oct 16, down 2.49% for the day and down 48.39% year to date.
Hong Leong Bank chairman weighs options for stake in bank, sources say
Yantoultra Ngui
/
Reuters
August 08, 2022 18:34 pm +08
Quek bought Hong Leong Bank, which posted a record net profit in the year to June 2021, via Hong Leong Financial Group in 1994.
Quek bought Hong Leong Bank, which posted a record net profit in the year to June 2021, via Hong Leong Financial Group in 1994.
-A+A
SINGAPORE (Aug 8): Malaysia's second-richest man Tan Sri Quek Leng Chan is weighing options for his stake in Hong Leong Bank Bhd, including a merger, two sources with knowledge of the matter said, in a move that could trigger wider consolidation in the sector. Quek, 80, is also exploring the possibility of reducing his stake in the Malaysian lender, said the sources who declined to be named due to the confidential nature of the matter.
Conglomerate Hong Leong Financial Group Bhd, controlled by Quek, holds a 62% stake in Hong Leong Bank, the country's fourth-largest lender with a market value of US$10 billion (RM44.59 billion), according to Refinitiv data.
Hong Leong Bank and Hong Leong Financial did not respond to multiple queries sent by Reuters and there was also no response from Quek to queries sent through the bank.
Yantoultra Ngui
/
Reuters
August 08, 2022 18:34 pm +08
Quek bought Hong Leong Bank, which posted a record net profit in the year to June 2021, via Hong Leong Financial Group in 1994.
Quek bought Hong Leong Bank, which posted a record net profit in the year to June 2021, via Hong Leong Financial Group in 1994.
-A+A
SINGAPORE (Aug 8): Malaysia's second-richest man Tan Sri Quek Leng Chan is weighing options for his stake in Hong Leong Bank Bhd, including a merger, two sources with knowledge of the matter said, in a move that could trigger wider consolidation in the sector. Quek, 80, is also exploring the possibility of reducing his stake in the Malaysian lender, said the sources who declined to be named due to the confidential nature of the matter.
Conglomerate Hong Leong Financial Group Bhd, controlled by Quek, holds a 62% stake in Hong Leong Bank, the country's fourth-largest lender with a market value of US$10 billion (RM44.59 billion), according to Refinitiv data.
Hong Leong Bank and Hong Leong Financial did not respond to multiple queries sent by Reuters and there was also no response from Quek to queries sent through the bank.
investshare ( Date: 09-Aug-2022 11:21) Posted:
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Time to have some activity
https://www.sinchew.com.my/20220809/传 郭 令 灿 探 讨 减 持 丰 隆 -或 促 成 银 行 领 域 更 大 /
https://www.sinchew.com.my/20220809/传 郭 令 灿 探 讨 减 持 丰 隆 -或 促 成 银 行 领 域 更 大 /
HL Finance is on track to maintaining at least the same level of dividends as last year. That means projected dividend yield is now higher than banks at 4.84% at the share price of $2.48. Net profits are flat (Up 1%) mainly because the company is being conversative in increasing provisions. Operating profit before allowances rose 11.1%.
short steps long vision 2.59
lai liao 2.58
Will prove you wrong with 3$
john_ric ( Date: 23-Mar-2022 11:29) Posted:
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Pre covid best around 2.8+...
john_ric ( Date: 23-Mar-2022 11:29) Posted:
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Will b very Happy if can go to 2.6x
Can go 3$?
Nope u r wrong
john_ric ( Date: 21-Mar-2022 13:28) Posted:
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Up a pathetic 1 cent.
Up