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Hong Leong Financial expects 10% profit growth in fiscal 2017-2018

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Hong Leong Financial expects 10% profit growth in fiscal 2017-2018

Malaysia's Hong Leong Financial Group Bhd. expects its net profit for the fiscal year ending June 30 to grow by at least 10%, The Nikkei reported March 19, citing group CEO Tan Kong Khoon.

Khoon mainly attributed the expected growth in net profit to the group's commercial banking business. The group's return on equity is expected to be below 11%, he added.

The executive's comments came after the group in late February reported a year-over-year increase in net profit for the fiscal second quarter ended Dec. 31, 2017.