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Singapura Finance posts 3.1% dip in 2019 net profit of S$7.5m

FINANCE company Singapura Finance made a net profit of S$7.5 million in 2019, down 3.1 per cent from 2018, it said on Friday.

Total income in the 12 months ended Dec 31, 2019 rose 2.2 per cent to S$21.8 million but was outpaced by the increase in total operating expenses which rose 6.1 per cent to S$14.1 million.

Net interest income improved by 3 per cent to S$20.6 million, due mainly to higher recovery from non-performing loans partially offset by an increase in interest expenses with the higher cost of funds.

Net writeback on loan-impairment losses amounted to S$1.4 million for 2019 compared to S$1 million for 2018. The group continues to set aside adequate impairment allowances for its loan portfolio, it said. 

Full-year earnings per share was 4.71 Singapore cents in 2019, down from 4.86 cents in 2018.

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A first and final dividend of two cents per share and a special dividend of 1.5 cents per share have been proposed, to be paid on May 12. This is 0.5 cent lower than the total dividend of four cents given in 2018.

Net asset value per share was S$1.63 as at Dec 31, 2019.

The group said: "Given the modest economic outlook, the Group expects a challenging time ahead. Nevertheless, the Group will continue to be prudent in seeking new business opportunities and be proactive in managing our credit exposure and operating expenses to remain competitive."

Singapura Finance shares fell one cent or 1.11 per cent to S$0.89 on Friday before the results were announced.

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