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Hong Leong Finance Q1 net profit increases 57% to S$25.9m

HONG Leong Finance said on Thursday that net profit for Q1 shot up 57 per cent to S$25.9 million from the previous year as earnings per share increased to 23.22 Singapore cents from 14.83 Singapore cents in the year-ago period.

Interest on loans in Q1 increased 11.4 per cent to S$59.6 million from the previous year while hiring charges rose 16 per cent to S$13 million.

Other interest income was up 4.7 per cent to S$7.7 million.

Fee and commission income rose 10 per cent to S$4 million.

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Hong Leong Finance said that total interest income/hiring charges for the quarter under review increased 11.5 per cent to S$80.4 million due to an increase in average loan base and a higher loan yield.

Interest expense fell 14 per cent to S$30.7 million.

The decrease was due to lower interest payable on deposits resulting from lower applicable interest rates partially offset by a larger average deposits base.

Accordingly, net interest income/hiring charges for the quarter gained 37 per cent.

Net asset value per share edged up to S$4.14 as at March 31 from S$3.91 three months ago.

Hong Leong Finance shares ended S$0.02 or 0.7 per cent down at S$2.74 on Thursday.