♦ 4QFY06/10 results ahead of expectations ... HL Bank’s 4QFY06/10 net profit of RM301m (+51% yoy; +32% qoq) beat both our and consensus expectations with full-year net profit of RM988m (+9% yoy)accounting for 110.7% and 106.5% of our and consensus full-year forecasts respectively. The key variances were: 1) lower-than-expected LLP; and 2) lower-than-expected effective tax rate of 16.6% (vs. our assumption of 22%) due to effective tax planning.
Hong Leong Bank Berhad : Earnings Momentum Gaining Traction - 20/08/2010
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