SINGAPORE (Feb 23): Singapura Finance reported a 79.7% rise in full-year earnings to $4.91 million in FY17 from $2.73 million in a year ago in FY16.

Interest income and hiring charges were 8.0% lower at $30.8 million from $33.4 million a year ago.

Interest expense was 29.2% lower at $9.64 million compared to $13.6 million last year.

Hence, net interest and hiring charges for the full year ended Dec 2017 came in at $21.1 million, 6.7% higher than $19.8 million in the previous year.

Fee and commission income dropped 23.5% to $1.19 million from 41.56 million a year ago.

Total operating expenses, which includes staff costs, depreciation of property, plant and equipment, as well as other operating expenses, declined by 9.7% to $13.9 million compared to $15.4 million last year, mainly due to a drop in operating expenses and depreciation charge on fixed assets.

The group is recommending a first and final dividend of 2 cents per share and a special dividend of 1 cent per share for FY17, which will be payable on May 14.

In its outlook, the group expects a challenging time ahead given the modest economic outlook and likely competitive pressures on funding costs.

Nevertheless, the group will continue to be prudent in seeking new business opportunities and be proactive in managing its credit exposure and operating expenses to remain competitive.

Shares in Singapura Finance closed 2 cents lower at $1.02 on Friday.

Singapura Finance posts 80% rise in FY17 earnings to $4.9 mil on lower expenses

Singapore 'acutely aware' of global competition to be AI hub, plans to triple AI talent pool to 15,000

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

DBS raises BRC Asia's target price to $2

RHB raises Marco Polo Marine target price to 7 cents on higher earnings seen for FY2025

Singapura Finance posts 80% rise in FY17 earnings to $4.9 mil on lower expenses

Related News

Highlights

Singapore 'acutely aware' of global competition to be AI hub, plans to triple AI talent pool to 15,000

Related News

Singapura Finance reports 2HFY2022 profit after tax of $4.1 mil, 13.2% lower y-o-y

Singapura Finance sees 67.0% surge in 1H earnings of $4.7 mil

Singapura Finance disposes of entire stake in PowerBank for US$1 mil via preference shares issued in MatchMove