Hong Leong to expand Islamic banking branches

By JASON NG
Hong Leong Bank Bhd (HLB), which posted a 19.5% net profit growth for its financial year ended June 30, 2008 (FY08), is looking to open up to five more standalone Islamic banking branches. Currently, it has only two full-fledged Islamic banking branches on top of over 180 HLB convent ional banking outlets nationwide operating as Islamic banking branches.
"We will further push new capabilities into Islamic insurance as well as create greater awareness and support the growth of key areas in Islamic wholesale and investment banking," said its group managing director and chief executive Yvonne Chia.
HLB posted a net profit increase of RM741.82 million compared to RM620.79 million a year earlier. Its revenue increased 14.14% to RM2.02 billion from RM1.77 billion in FY07 with net interest income surging 19% to RM1.38 billion while its Islamic banking sector income grew 11.1% to RM160 million.
-- The Malaysian Reserve, p9, Aug 27, 2008