SINGAPORE (Feb 19): Sing Investments & Finance saw its earnings climb 5.9% to $24.0 million for the FY18 ended December, from $22.7 million a year ago.

Net interest income and hiring charges rose 5.1% to $46.9 million, from $44.6 million a year ago.

Interest income and hiring charges grew by $4.6 million, driven by higher loan volume. This was partially offset by a $2.3 million increase in interest expenses arising from additional customer deposits to support the enlarged loan base.

Total loans and advances exceeded the $2 billion mark for the first time to reach $2.08 billion as at Dec 31, 2018. This was 9.0% higher than the $1.91 billion recorded a year ago.

In tandem with the higher loan balance, deposits and balances of customers rose 12.2% to $2.40 billion as at end December.

Non-interest income decreased by $2.3 million in FY18, primarily due to the absence of $2.4 million gain from sale of Singapore Government Securities (SGS) bonds in 2017.

Earnings per share (EPS) stood at 15.24 cents for FY18, rising from 14.40 cents a year ago.

As at end December, cash and cash equivalents stood at $317.1 million.

Sing Investments has recommended a first and final dividend of 7 cents for FY18 – same as a year ago.

Moving ahead, the group says it will continue to be prudent in its credit lending, vigilant in its risk monitoring as well as proactive in its management of interest margin, in view of expected external headwinds and an economic slowdown in 2019.

Shares in Sing Investments closed 2 cents higher, or up 1.3%, at $1.54 on Tuesday.

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