Hong Leong Finance SG profits up 3.2% to S$46.57m in H1

An interim dividend of 3.5 cents per share has been announced.

Hong Leong Finance Singapore saw its profit attributable to company owners rise 3.2% to S$46.57m during the six months that ended on 30 June.

This was mainly driven by higher net interest income and write-back of expected credit loss allowances, HLB said in an SGX filing.

HLB’s directors are pleased to declare an interim dividend of 3.5 cents per share, to be paid out on 31 August. 

Interest on loans more than doubled during the period, to S$217.23m. This is 120.6% higher than in $98.45m recorded in H1 2022.

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Other interest income tripled to S$32.57m from only S$8.92m a year ago.

Fee and commission income, however, fell 45.7% to S$4.4m, from S$8.1m in the previous year. This was due to subdued lending activities for development and club loans in current financial markets, HLB said in its bourse filing.

Net loan assets totalling over S$11.66b as of 30 June, up by 0.1% or S$14m over the previous year’s base of $11.65b as of 31 December 2022, and 1.8% or $210m over corresponding period as of 30 June 2022. 

Deposits and balances of customers increased to $12.16b, representing an increase of 1.1% or $134m compared to the previous year.