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Hong Leong Finance's Q2 profit rises 89%
HONG Leong Finance's profit for the second quarter ended June 30 jumped around 89 per cent year on year to S$20.87 million from the corresponding quarter last year.
Net interest income and hiring charges rose 25.3 per cent to S$42.64 million.
Interest expenses fell 30.2 per cent to S$31 million, resulting from a combination of a lower deposits base and lower applicable interest rates.
Meanwhile, fee and commission income increased by 30.8 per cent to S$4.1 million, with higher fee income from both lending and non-lending products. Staff costs fell by 6.4 per cent to S$14.82 million, mainly owing to lower provision for bonus.
Annualised earnings per share worked out to 18.78 Singapore cents, up from 9.95 cents a year ago.
An interim dividend of four cents per share will be paid out on Sept 12, up from three cents in the corresponding quarter last year.