Hong Leong Finance posts 6.6% fall in Q1 net profit

Hong Leong Finance (HLF) recorded a 6.6 per cent drop in net profit for the first quarter.
Hong Leong Finance (HLF) recorded a 6.6 per cent drop in net profit for the first quarter.PHOTO: HONG LEONG FINANCE

SINGAPORE - Hong Leong Finance (HLF) recorded a 6.6 per cent drop in net profit for the first quarter to S$14.5 million.

Net interest income slipped 2.1 per cent to S$37.5 million in the three months to March 31 compared with the same period last year, the company said in a release.

Fee and commission income fell 37.9 per cent to S$2.2 million.

Quarterly earnings per share fell to 13.11 cents, down from 14.04 cents a year ago.

Net asset value per share was S$3.84 as at Mar 31, up from S$3.80 as at Dec 31.

The firm said it will "continue to place strong emphasis on maintaining a robust balance sheet with good liquidity and cautious underwriting standards".

rachaelb@sph.com.sg