Sing Investments & Finance's 2016 net profit up 8.2%

SING Investments & Finance said net profit for the year ended Dec 31, 2016, rose 8.2 per cent to S$13.9 million due to higher margins offset by an increase in allowances for bad debts.

Earnings per share rose to 8.8 cents from 8.13 cents.

The group declared a first and final dividend of five cents, unchanged from the previous year.

Sing Investments & Finance said net interest income and hiring charges rose 9.7 per cent mainly due to higher loan yields. Non-interest income rose 3.5 per cent mainly from higher fees and commissions, in line with a larger car loan portfolio.

Allowances jumped 29.2 per cent to S$5.1 million for losses related to property and share loans.

Total loans fell 3.2 per cent to S$1.91 billion from the contraction of land and construction loans. Deposits and savings accounts of customers increased a marginal 0.2 per cent to S$2.3 billion.