HLFG jumped while major players muted

Hong Leong Financial Group emerged as one of the top gainers on the February 26 despite the main index of Bursa Malaysia remained muted.

Driven by the announcement of RM1.1 billion net profit attributable to shareholders for 1HFY21, the stock price has rose 76 sen to RM16.96.

Emerging as the top 5 gainers, HLFG announced that the net profit has increased 12.2% year-on-year (“y-o-y”) for the period, despite the current situation for commercial banks in 2020.

Apart from that, HLFG appeared to be closely connected to PETDAG AND NESTLE with NESTLE being the top in the chart for the top gainers.

As 2020 marks as one of the hardest years for the banking and financial sector was hard pressed after being hit on multiple fronts, the net profit and revenue for HLFG in Q32020 that ended  March 31 dropped 26.8 per cent.

Although the situation was not desirable for the sector, HLFG and its commercial banking arm HLB continues making the most profit among others in 5-year-period as shown in the company’s profitability network.