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Sing Investments & Finance reports 26% rise in 3Q earnings to $5.2 mil on higher net interest income

PC Lee
PC Lee10/23/2017 05:50 PM GMT+08  • 2 min read
Sing Investments & Finance reports 26% rise in 3Q earnings to $5.2 mil on higher net interest income
SINGAPORE (Oct 23): Sing Investments & Finance reported a 25.9% rise in 3Q earnings ended Sept to $5.2 million from a year ago driven by higher net interest income from lower funding costs, lower net specific provisions and release of collective impairmen
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SINGAPORE (Oct 23): Sing Investments & Finance reported a 25.9% rise in 3Q earnings ended Sept to $5.2 million from a year ago driven by higher net interest income from lower funding costs, lower net specific provisions and release of collective impairment provisions due to lower loan balance. This brought earnings for the nine months ended Sept 73.4% higher to $16.8 million.

For the three months to Sept, net interest income and hiring charges rose 17.7% to $11.3 million, interest expenses narrowed 32.3% to $6.5 million while interest income fell 7.2% to $17.8 million.

Other income decreased by 70.4% to $53,000. Operating expenses widened 7.1% to $5.8 million mainly from higher staff costs and other operating expenses. Allowances for impairment losses on loans and advances of $340,000 were 45.6% lower than a year ago. This was due mainly to lower specific provisions and release of collective impairment allowances. The group says it continues to maintain adequate individual and collective impairment allowances in respect of its loan portfolio.

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