SINGAPORE - First quarter net profit at Hong Leong Finance rose 7.8 per cent to $15.6 million due in part to higher fee and commission income, the company reported on Thursday.

Fee and commission income improved by 39.6 per cent to $3.6 million with higher fee income.

This was offset by an increase in interest expenses, which rose 18.7 per cent over the corresponding period last year due to higher prevailing interest rates and a larger deposits base.

Net loan assets including hire purchase receivables stood at $9.572 billion as at end March, a slight decrease over the previous year's base of $9.583 billion as at Dec 31.

Earnings per share for the three months ended Mar 31 was 14.04 cents, up from 13.04 cents in the same period last year.

Net asset value per share was $3.77 as at Mar 31, up slightly from $3.74 per share as at Dec 31.