ISLAMIC BANKING | Cesar Tordesillas, Malaysia

Treasury operations boost Hong Leong Islamic profit by 15%

Hong Leong Islamic Bank posted a net profit after tax of US$15.473 million, up 15 percent year on year.Total distributable income was higher at US$75.679 million or 21 percent better attributed by higher income derived from financing and treasury operations, coupled with a lower allowance for losses on financing.Annualised earning per share was 14.7 sen compared to 12.7 sen in the corresponding period last year. Annualised return on average shareholder funds was 10.6 percent compared with 10.1 percent for the last reported financial year.Total assets stood at $US2.19 billion as at March 2009, increased by 6 percent from US$2.08 billion for the corresponding period last year. Depositor base stood at US$1.88 billion, up 22 percent year-on-year. The capital adequacy ratio remained strong at 21.1 percent.

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