SINGAPORE (Feb 23): Singapura Finance reported a 79.7% rise in full-year earnings to $4.91 million in FY17 from $2.73 million in a year ago in FY16.
Interest income and hiring charges were 8.0% lower at $30.8 million from $33.4 million a year ago.
Interest expense was 29.2% lower at $9.64 million compared to $13.6 million last year.
Hence, net interest and hiring charges for the full year ended Dec 2017 came in at $21.1 million, 6.7% higher than $19.8 million in the previous year.
Fee and commission income dropped 23.5% to $1.19 million from 41.56 million a year ago.
Total operating expenses, which includes staff costs, depreciation of property, plant and equipment, as well as other operating expenses, declined by 9.7% to $13.9 million compared to $15.4 million last year, mainly due to a drop in operating expenses and depreciation charge on fixed assets.
The group is recommending a first and final dividend of 2 cents per share and a special dividend of 1 cent per share for FY17, which will be payable on May 14.
In its outlook, the group expects a challenging time ahead given the modest economic outlook and likely competitive pressures on funding costs.
Nevertheless, the group will continue to be prudent in seeking new business opportunities and be proactive in managing its credit exposure and operating expenses to remain competitive.
Shares in Singapura Finance closed 2 cents lower at $1.02 on Friday.
