Hong Leong Finance net attributable profit up 22.4% to $44.7m

The company ranks 665th in the Top 1000 World Banks 2021.

Hong Leong Finance reported a 22.4% improvement in its net attributable profit for the first half of the year at $44.7m.

This was driven by a stepped-up effort in managing the cost of funds and lower loan loss allowances, it said in a bourse disclosure.

Its net interest income was up 8.6% to $89.2m following the calibration of funding strategies to pare down the deposit base and tighten funding costs.

Fee and commission income remained stable at $4.7m.

Total staff and operating costs increased by 15.1% to $43.5m for the first half due to the lower base last year, offset by budget relief measures by the Singapore government.

Net allowances for loans and other financial assets was a net write-back of $3.0m. Net loan assets totalled $10.6m as of end-June, 2.9% more than last year’s base of $10.95 as of end-December.

Deposits and balances of customers decreased by 3.3% to $10.83m.

“Whilst we are watchful of the uncertainties in the prevailing operating environment, our strong balance sheet and capital position will enable us to capitalise on opportunities arising from the improved economic condition. We will continue to drive more digital capabilities and build front-end solutions, enhance our products offering to support our customers’ needs and drive long-term sustainable value for our stakeholders,” the company said.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks should have enough buffers and find climate transition risks manageable.
The initiative is expected to improve the operating environment for SG businesses.
This includes the upgrade to the latest data acquisition and control system.
A potential incentive fee of up to $18m may be applied. 
This is part of the group’s efforts to spearhead maritime decarbonisation.
This is higher compared to September's retail sales YoY increase at 6.8%.
Restaurants experienced the most YoY decline at 24%. 
Over 40 companies were recognised in the 7th edition of the awards programme.
VTL scheme to proceed “without change” amidst detection of Omicron variant in Korea.
SATS, Sembcorp Industries, and the SGX led the index.
Birth rates in the country have declined since the pandemic began.
It represents a premium to the property’s book value of approximately $20.6m.
The move will be part of the redevelopment of the Central Mall properties.
It also waived its right to walk away from potential material adverse effects.