Sing Investments reports 59% rise in Q1 profit to $3.8 million

SINGAPORE - Sing Investments & Finance reaped a 59.3 per cent rise in first quarter net profit to $3.8 million, mainly due to an increase in the loan base and an improvement in the interest spread.

Net interest income and hiring charges were up 14 per cent at $8.5 million for the three months to March 31.

Interest income and hiring charges grew by 8 per cent, mainly from a higher loan base whilst interest expense fell by 2.6 per cent from a lower cost of deposits, resulting in the jump in the net interest income and hiring charges.

Including fees and commissions, dividends, rental income and other income, total income climbed by 12.7 per cent to $9.5 million.

Annualised earnings per share jumped to 9.57 cents from 6.01 cents previously while net asset value per share climbed to $1.96 compared to $1.93 as at Dec 31.

Looking ahead, Sing Investments noted that property cooling measures and car financing restrictions by Government are expected to continue to moderate loan growth.

"Nevertheless, the group will strive to grow our loan portfolio prudently and manage our operational costs efficiently."