Hong Leong Finance Q1 profit dips on weaker income

HONG Leong Finance on Thursday reported a 6.6 per cent fall in net profit in the first quarter on weaker income.

Net profit for the three months ended March 31, 2016, stood at S$14.5 million, compared with S$15.6 million in the same period a year ago.

Net interest income and hiring charges dipped 2.1 per cent to S$37.5 million. Fee income dropped 37.9 per cent to S$2.23 million.

The lower net loan assets reflected the slowing economy, the company said in its financial statement, while competition for customer deposits remained keen.