Singapura Finance's profit tumbles 21% on margin compression, impairment loss
Singapura Finance has turned in a 21.2 per cent drop in full year net profit to $5.3 million.
Net interest income and hiring charges for the year to June 30 fell by 2 per cent to $16.6 million.
Total income before operating expenses decreased by 2.9 per cent to $20 million.
The weaker performance was mainly due to the continual compression of interest margin, an impairment loss on investments and a net allowance for loan losses made as compared to a net write-back in the previous year.