Home Capital Results

Hong Leong Finance sees 38% drop in FY20 earnings of $63.9 mil on lower net interest income

Felicia Tan
Felicia Tan2/25/2021 9:33 PM GMT+08  • 3 min read
Hong Leong Finance sees 38% drop in FY20 earnings of $63.9 mil on lower net interest income
Hong Leong Finance's chairman Kwek Leng Beng also announced the stepping down of four directors from the board from April.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Hong Leong Finance has posted earnings of $63.9 million for the FY2020 ended December, 38% lower than earnings of $103.1 million in the corresponding period the year before.

For the 2HFY2020, the group saw profit after tax (PAT) fall 45.8% y-o-y to $27.4 million, lower than the $36.5 million posted in 1HFY2020, which fell 30.5% y-o-y.

The lower figure was attributable to the lower net interest income (NII), driven by the compressed net interest margin (NIM) due to falling interest rates in March 2020, which were, in turn, attributable to the Covid-19 pandemic.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.