Hong Leong Finance boasts $70.1m in profits

All thanks to steady growth.

According to a release, Hong Leong Finance group profit after tax attributable to shareholders for the year ended 31 December 2013 amounted to $70.1 million, equivalent to 15.9 cents per share.

The results for the year were arrived at after writing back provision/recoveries (net of top up of general provision) amounting to $2.3 million (2012: additional net top-up of $9.3 million).

The Group achieved steady growth in its core activities during the year. Loans and advances (before allowances) rose to $9.19 billion from $9 billion in 2012, an increase of 2.1% over the previous year. The Company continued to maintain a healthy customer deposits base which stood at $9.91 billion as at 31 December 2013, and there are no bank borrowings outstanding.

At the end of the financial year, Group shareholders’ funds totaled $1.65 billion, equivalent to $3.72 per share. The Group continues to maintain a strong capital adequacy ratio of 17% as at 31 December 2013, higher than the prescribed requirement.