SINGAPORE (Nov 3): Singapura Finance announced 3Q17 earnings surged more than threefold to $1.84 million compared to $528,000 the same period last year.

This was mainly attributed to higher total income, lower total operating expenses and lower allowances for loan losses.

Interest income and hiring charges for the third quarter ended September dropped 6.4% to $7.68 million from $8.20 million a year ago.

Interest expense also saw a 33.4% decrease to $2.26 million from $3.39 million the previous year.

Hence, total income before operating expenses for 3Q17 were up 10.4% to $5.81 million compared to $5.27 million.

Meanwhile, total operating expenses dropped 15.4% to $3.21 million as compared to $3.79 million last year.

Allowances for loan losses declined by 54.1% to $389,000 from $847,000 the same period last year.

Against the backdrop of expected modest economic growth for Singapore with local economic restructuring challenges and global economic uncertainties and volatility, the group will continue to be proactive in controlling our operating expenses as well as prudent and vigilant in managing and monitoring the business risk of our loan portfolio.

Shares in Singapura Finance closed $1.04 on Friday.