Sing Investments & Finance has reported earnings of $19.7 million for the 1HFY2022 ended June, 7.3% higher than earnings of $18.3 million in the corresponding period the year before.
During the six-month period, interest income and hiring charges increased by 6.9% y-o-y to $39.7 million.
Interest expense fell by 20.9% y-o-y to $6.2 million.
Net interest income increased by 14.4% y-o-y to $33.5 million due to interest in suspense write-back from a final settlement of credit exposures to a corporate customer.
Net interest margin (NIM) increased by 0.34 percentage points y-o-y to 2.49%.
Excluding the write-back, Sing Investments & Finance’s NIM would have stood at 2.1%, 0.05 percentage points lower y-o-y, as the loan yield declined while the group continued to adapt to market competition.
See also: IHH Healthcare’s 3QFY2024 patmi remains flat at RM534 mil
During the 1HFY2022, non-interest income fell by 33.2% y-o-y to $2.3 million.
Total income stood 9.4% higher y-o-y at $35.8 million.
For the period, earnings per share (EPS) stood at 24.98 cents on a basic and diluted basis.
See also: Marco Polo Marine reports lower 2HFY2024 earnings of $10.7 mil, down 42% y-o-y
As at June 30, the group’s capital adequacy ratio stood at 15.9%, down from 17.0% as at Dec 31, 2021.
Cash and cash equivalents stood at $185.9 million.
Shares in Sing Investments & Finance closed 3 cents higher or 2.10% up at $1.46 on July 27.
