Singapura Finance's 1H20 earnings hit by lower net interest income, higher loan impairment allowances

Singapura Finance’s earnings have plunged 65.3% to $1.9 million in the six months ended June 30 from $5.6 million a year ago.

The weaker bottom line was primarily attributed to lower net interest income and hiring charges of $9.1 million, down 19.9% y-o-y to from $11.3 million.

This was due to the increase in cost of deposits having outpaced the rise in interest income with a higher loan base, the company says.

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