SINGAPORE (Aug 8): Singapura Finance reported 2Q19 earnings of $1.5 million, 21.1% lower from a year ago.
Correspondingly, earnings per share came in at 3.75 cents from 4.76 cents a year ago.
The weaker bottomline was due to lower net interest and hiring charges and lower income.
Interest income and hiring charges rose 3.8% to $7 million but interest expense increased 19.9% to $2.2 million.
As a result, net interest and hiring charges fell 2.2% to $4.8 million.
Fee and commission income fell 54.4% to $77 million from $169 million the previous year.
Income before operating expenses fell 4.2% to $5 million.
Total operating expenses increased 3% to $3.3 million as high staff costs was cushioned by lower other operating expenses.
The group’s profit from operations fell 15.3% to $1.7 million from $2 million in 2Q18.
As at end June, cash and cash equivalents stood at $88.6 million.
In its outlook statement, Singapura Finance says although it expects a challenging time ahead, it seeks to remain vigilant in risk monitoring as well as prudence in credit granting criteria while pushing on with its digitalisation efforts to stay relevant and competitive.
Shares in Singapura Finance closed 2 cents higher at $0.90 on Thursday prior to the release of results.
