Higher expenses drag Sing Investments & Finance's full year profit down by 22%
Sing Investments & Finance has posted a 22 per cent drop in net profit to $11.5 million.
Net interest income and hiring charges were flat at $30.1 million for the year ended Dec 31.
The decline was mainly due to higher operating expenses and income tax expense.
Net loan assets grew by 8.7 per cent to $1.55 billion. Growing in tandem were deposits and savings accounts of customers, which rose by 6.8 per cent to $1.74 billion.