Hong Leong Finance profits up 84.2% to $23.56m in Q3

Operating profit went up thanks to decreases in interest expense.

Hong Leong Finance's profits rose by 84.2% YoY from $12.79m to $23.56m in Q3.

According to its financial statement, profit from operations increased by 111.7% YoY due mainly to decreases in interest expense. Interest on loans also hiked by 27.5% to $12.44m.

Total interest income rose by 3.6% YoY due to a higher loan yield, partially offset by a lower average loan base.

Fee and commission income also went up by 26.3% YoY to $3.8m, with higher fee income from lending products.

The firm said staff costs were controlled.

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