On back of a net interest income surge.
A surge in allowances for impairment losses nearly nullified a surge net interest income and hiring charges for the firm, resulting in a razor-thin bottomline for 2015.
According to a statement by Sing Investments and Finance, net loan assets grew by 16.5% to $1,969.4m, in tandem with the increase in loan assets, deposits and savings accounts of customers increased by 20.4% to $2,313.9m.
“Interest income and hiring charges rose 23.1% on the back of the 16.5% rise in net loan assets. This was partially offset by an increase of 48.8% in interest expense from a higher deposit base and rates, resulting in an increase of 8.0% in the net interest income and hiring charges. Other income also increased by 11.3%,” the statement said.
However, the increase was offset by a 217.5% increase in allowances for impairment losses resulting in a 1.2% increase in net profit.
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