Hong Leong Finance sees 22% fall in profit to $78 million

HONG Leong Finance said that full-year net profit dropped 22 per cent to $77.6 million, as the company had put aside more funds for general prudential provisions.

Net interest income and hiring charges at Singapore's largest finance company also fell, by 6 per cent to $153.9 million.

Fee and commission income, however, climbed 53 per cent to $13 million for the 12 months ended Dec 31. Net loan assets, which include hire purchase receivables, were up 19 per cent from the year before to $9 billion.

Deposits and balances also increased 29 per cent to $10 billion.

Total profits from operations, before allowances, slipped 5.5 per cent to $87.8 million.

The board has proposed a final dividend of eight cents per share for the year.