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Sing Investments & Finance H2 net profit up 21% at S$20.3 million

by Yurie Miyazawa
in Leadership
Sing Investments & Finance H2 net profit up 21% at S.3 million
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SING Investments & Finance (SingFinance) posted a 21 per cent increase in net profit to S$20.3 million for the half year ended Dec 31, 2024, from S$16.8 million in the corresponding period a year ago.

This comes as the lender’s revenue edged 3 per cent higher year on year to S$77.1 million, from S$74.7 million.

SingFinance’s board recommended a final dividend of S$0.065 per share for shareholders’ approval at the company’s next annual general meeting, compared with a final dividend of S$0.06 per share that was declared in the same period a year ago.

Net interest income for the half year rose 27 per cent year on year to S$34.2 million, due to loan growth and an expansion in net interest margin. Net interest margin was up 41 basis points at 2.06 per cent for the half year, from 1.65 per cent in the previous corresponding period.

Non-interest income for the period recorded a 25 per cent year-on-year rise to S$3.9 million, on a 68 per cent increase in fees and commissions to S$1.9 million.

The lender’s non-performing loans ratio came in at 0.2 per cent, down from 0.4 per cent in the year-ago period.

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In its earnings release on Thursday (Feb 20), SingFinance noted that central banks in several major economies have begun cutting policy rates as inflation nears their set targets.

“However, uncertainties persist on the timing and extent of declines in inflation and interest rates, due mainly to potential policy changes from the newly elected government administrations and their effects on tariffs and international trade,” it said.

SingFinance said it continues to see growth opportunities in Singapore, even as significant challenges and uncertainties for both the local and global economy remain.

Shares of SingFinance settled at S$1.08, down 0.9 per cent or S$0.01 on Thursday, before the results were released.

Copyright SPH Media. All rights reserved.

Tags: FinanceInvestmentsMillionNetProfitS20.3Sing
Yurie Miyazawa

Yurie Miyazawa

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