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https://finance.yahoo.com/news/singapura-finance-sgx-s23-announced-221505967.html
Still growing is this forgotten one
Still growing is this forgotten one
Singapura Finance H2 profit up 67% to S$4.7m, full year up 101.8%
SINGAPURA Finance Spura Finance: S23 +2.96% reported a growth of 67 per cent to S$4.7 million in its net profit after tax for the second half of the financial year ended Dec 31, 2021, up from S$2.8 million in the year-ago period.
In its financial results posted on Friday (Feb 18), the mainboard-listed finance company said earnings per share for H2 also increased by 66.9 per cent to S$0.0594, from S$0.0356 in H2 FY2020.
This brings its full-year FY2021 net profit to S$9.6 million, a 101.8 per cent increase from S$4.8 million in FY2020.
The group attributed the rise mainly to higher net interest income and hiring charges, and lower impairment allowances on loans.
Full-year earnings per share therefore also leapt by 102 per cent year on year to S$0.0606, from S$0.03.
The board has recommended a first and final dividend of S$0.02 per share and a special one-tier tax exempt dividend of S$0.02 per share in cash for FY2021, subject to shareholder approval at the next annual general meeting. This is up from a first and final dividend of S$0.015 in FY2020.
For H2 FY2021, net interest income and hiring charges went up 35.4 per cent year on year to S$12.4 million, from S$9.2 million.
This was largely due to its lower interest expense for the half, which was down 56.1 per cent on-year to S$2.5 million, from S$5.7 million.
Its H2 net charge for loan impairment losses also fell by 9.7 per cent to S$0.7 million, from S$815,000 in H2 FY2020.
Meanwhile, the group' s total loan, net of allowances, for FY2021 increased by 6.9 per cent to S$896 million, compared to S$838 million in FY2020. Total deposits for the year remained largely unchanged at about S$908 million.
In its outlook, Singapura Finance said it is cautiously optimistic of its domestic operating environment for 2022 due to Singapore' s high vaccination rates. It also noted that inflation could result in earlier or larger increases in interest rates than anticipated and may trigger a " tightening of global financial conditions" .
The group added that it will continue to pay close attention to commercial risks and position for growth when the economic rebound, consumers and businesses regain confidence in a post-Covid-19 recovery.
Singapura Finance posts 150% rise in H1 earnings to S$4.9m
SINGAPURA Finance Spura Finance: S23 +0.6% on Friday reported a 152.3 per cent rise in its profit after tax to S$4.9 million for the first half ended June 30, from S$2 million a year ago.
The stronger performance was attributed to a higher net interest income and hiring charges, as well as lower impairment allowances on loan, the group said in a bourse filing.
Earnings per share for the half-year period was 6.18 Singapore cents, up from 2.45 cents in the same period last year.
Net interest income and hiring charges rose by 33.8 per cent on year to S$12.1 million from S$9.1 million, due to a decline in interest expenses. The group recorded a 66.1 per cent on-year fall in interest expenses to S$2.5 million from S$7.5 million, driven by lower deposit rates and a lower average deposit base.
Singapura Finance posts 150% rise in H1 earnings to S$4.9m
Singapura Finance on Friday reported a 152.3 per cent rise in its profit after tax to S$4.9 million for the first half ended June 30, from S$2 million a year ago.The stronger performance was attributed to a higher net interest income and hiring charges, as well as lower impairment allowances on loan, the group said in a bourse filing.
Earnings per share for the half-year period was 6.18 Singapore cents, up from 2.45 cents in the same period last year.
Net interest income and hiring charges rose by 33.8 per cent on year to S$12.1 million from S$9.1 million, due to a decline in interest expenses. The group recorded a 66.1 per cent on-year fall in interest expenses to S$2.5 million from S$7.5 million, driven by lower deposit rates and a lower average deposit base.
The group also registered a net charge for loan impairment losses of S$0.4 million, compared to S$1.5 million a year ago, due to additional allowances for non-impaired loans amid uncertainty during the Covid-19 pandemic.
Furthermore, as a result of the higher allowance for loan impairment, Singapura Finance released S$0.5 million from its Regulatory Loss Allowance Reserve to accumulated profit, and said it will continue to " set aside adequate specific and collective allowances in respect of its loan portfolio" .
The group' s total loan net of allowances also rose 5.2 per cent to S$882 million as at June 30, from S$838 million as at Dec 31, 2020. In the same period, total deposits increased 1.2 per cent to S$919 million from S$907 million.
Singapura Finance said it expects business will remain challenging, adding that it is monitoring the pandemic situation closely and will continue to manage its expenses tightly to push forward its efforts to digitalise services and processes.
" The group will also continue to support and monitor our customers' financial needs even after the absence of government support," it added.
Shares of Singapura Finance were trading at S$0.85 as at 2.24pm on Friday, up S$0.01 or 1.2 per cent.
At this rate ..could be a potential take over target as this one is still old school type of co.
Makes sense for HL zFinance or Sing Invest & Finance to take over .
Just a thought...
Makes sense for HL zFinance or Sing Invest & Finance to take over .
Just a thought...
Singapura Finance divests stake in digital bank licence applicant after bid fails
SINGAPURA Finance disposed of its stake in MatchMove PowerBank(S) following its unsuccessful attempt to obtain a digital bank licence in Singapore, the mainboard-listed lender said in a regulatory filing on Monday.
The lender said it sold the stakes it has in MatchMove PowerBank - about 10 per cent on a fully-diluted basis - on Monday to MatchMove Pay in exchange for a further 0.3 per cent stake in MatchMove Pay from a stake of 1.6 per cent.
MatchMove PowerBank was incorporated by MatchMove in June 2020 to apply for digital bank licences in Singapore and other Asean nations.
But it was unsuccessful in its application for the two digital full bank licences awarded in Singapore. NYSE-listed Sea Group and the joint venture between Singtel and Grab were awarded the licences.
MatchMove PowerBank is, however, keen to apply for digital bank licences in other Asean nations.
Singapura Finance, being a lender focused on the Singapore market and with its interest exclusively in backing a Singapore digital bank, does not share the same interest, though. Thus, it divested its stake in MatchMove PowerBank.
But it said it has confidence in the business potential of MatchMove, whose principal activities are the development and provision of end-to-end banking-as-a-solution services.
Underperforming for years compared with HL zFinance and Sing Invest & Finance.
Singapura Finance FY2020 earnings fall 36.3% on allowances for loan impairment
SINGAPURA Finance' s earnings fell 36.3 per cent to S$4.78 million for FY2020 ended December, hit by a S$2.3 million net charge for loan impairment losses, it disclosed in results released after the market close on Friday.
It recorded a slight 3.8 per cent increase in interest income and hiring charges to S$31.4 million in FY2020. However, interest expenses rose 35.2 per cent to S$13.2 million, resulting in a 11.1 per cent drop in net interest and hiring charges to S$18.3 million. This was because the increase in the cost of deposits outpaced the rise in interest income.
The bottom line was further weighed down by S$2.3 million net charge for loan impairment losses, compared with a S$1.4 million net writeback during the same period last year. This arose from additional allowances made for non-impaired loans, given the weak economic outlook.
As a result of the higher allowance for loan impairment, Singapura Finance released S$2 million from its Regulatory Loss Allowance Reserve to accumulated profit. The firm said that it continues to set aside " adequate" expected credit loss allowances with regards to its loan portfolio.
It added that its S$255 million in shareholders' funds, as at end-2020, is " more than adequate to buffer further volatility in the current economic slowdown" .
The firm' s total loan net of allowances rose 13.8 per cent to S$838 million as of end-2020. In the same period, its total deposits increased 7.3 per cent to S$907 million.
Looking ahead, Singapura Finance said that it expects a " challenging time" , but will continue to be prudent in seeking new opportunities and manage its credit exposure.
Forward thinking bank! Well done Spura Fin.
Singapura Finance to invest US$3m in MatchMove PowerBank
FINANCE company Singapura Finance is investing US$3 million in MatchMove PowerBank (S) Pte Ltd (PowerBank), a wholly-owned subsidiary of homegrown digital payments startup, MatchMove Pay.
The Singapura Finance-MatchMove consortium is a contender for a digital full bank licence in Singapore.
In a bourse filing on Monday, mainboard-listed Singapura Finance noted that it had on Oct 16 entered into an agreement to subscribe for shares in PowerBank.
Singapura Finance will provide US$3 million in financing to support the establishment and growth of PowerBank, it said. The investment shall comprise US$1 million in equity financing and US$2 million in convertible debt financing. These will be funded by the group' s internal resources, Singapura Finance said.
The convertible debt is convertible to Class A ordinary shares in PowerBank, subject to the conditions agreed with PowerBank, Singapura Finance added.
Following the completion of the equity financing, Singapura Finance will hold approximately 10 per cent of PowerBank' s share capital on a fully-diluted basis, or about 1.8 million Class A ordinary shares in the company.
Singapura Finance said the investment is an opportunity for it to acquire a " strategic stake in a business that has possible significant long-term growth potential" . It added that the transaction meets one of its strategic goals to invest in the fintech sector, which its board believes could provide " synergistic opportunities to achieve growth in the financial services sector" .
Last year, Singapura Finance also paid US$5 million for a 1.6 per cent stake in MatchMove.
PowerBank was incorporated by MatchMove in Singapore in June this year to apply for digital bank licences that may be issued by the financial market regulators of Singapore and other Asean nations.
In January this year, The Business Times reported that Singapura Finance and MatchMove were believed to have teamed up in hopes of landing a digital bank licence in Singapore.
This was confirmed in March, when MatchMove put its ambitions on the table, bidding for a digital full bank licence in the Republic that came with a hefty S$1.5 billion capital requirement. To do so, MatchMove said then that it would lead a consortium consisting of three other equity partners in the financial industry - Singapura Finance, UK fintech OpenPayd and Thailand' s CP Group-linked Lightnet.
As at June 18, 14 of the 21 digital bank applications have progressed to the next stage of assessment. They comprise five digital full banks and nine digital wholesale banks.
Citing two sources familiar with the matter, Reuters previously reported that those shortlisted for the next round of the selection process for digital full bank licences include Grab and Singtel' s joint venture, solo applicant Sea Ltd, a group headed by Razer Fintech, as well as the MatchMove-Singapura Finance consortium.
Beyond - a consortium led by Ron Sim' s V3 Group - said it had proceeded to the next round of evaluation for the digital full bank licence, according to Reuters.
Their branch bank staff very friendly. Good interest also from their gold accounts. Price 79 cents is reasonable although EPS is very low. KIV
But stiff competition from GRAB. Singtel. Do not think will get the license. But I like this bank though.
Jamesbond007 ( Date: 19-Oct-2020 15:18) Posted:
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Consortium shortlisted for digital bank licence.
More aggressive than its other two bigger finance competitors.
More aggressive than its other two bigger finance competitors.
Sure, it does. But it needs to capitalise up. Guess, it is ranked behind the other 2 bigger finance companies.
Does it meet the following requirement :
Companies headquartered in Singapore and controlled by Singaporeans will be able to apply for digital full bank licences.
Companies headquartered in Singapore and controlled by Singaporeans will be able to apply for digital full bank licences.
helloisme ( Date: 28-Jun-2019 22:54) Posted:
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The Monetary Authority of Singapore will issue up to five new digital bank licences, which will be extended to non-bank players, it was announced on Jun 28, 2019.
This is in addition to any digital banks that may be established by Singapore banking groups under the existing internet banking framework that was introduced in 2000.
There will also be up to three digital wholesale bank licences, which will allow licensees & ldquo to serve SMEs (small and medium-sized enterprises) and other non-retail segments& rdquo
Companies headquartered in Singapore and controlled by Singaporeans will be able to apply for digital full bank licences.
Foreign companies who wish to apply must form a joint venture with a Singapore company, the authority added. The joint venture must meet the headquarter and control requirements. Digital wholesale bank licences are open to all companies.
This is in addition to any digital banks that may be established by Singapore banking groups under the existing internet banking framework that was introduced in 2000.
There will also be up to three digital wholesale bank licences, which will allow licensees & ldquo to serve SMEs (small and medium-sized enterprises) and other non-retail segments& rdquo
Companies headquartered in Singapore and controlled by Singaporeans will be able to apply for digital full bank licences.
Foreign companies who wish to apply must form a joint venture with a Singapore company, the authority added. The joint venture must meet the headquarter and control requirements. Digital wholesale bank licences are open to all companies.
Had been underperforming for past few years vs SIF snd HL Finance. Recent results have been disappointing and it seems to be losing market shares to its competitors.
I realised Singapura Finance is trading at a very high P/E ration of around 60 times.
Anybody know the reasons for this?
The covert price from right mother share is 1 dollars . The right now cost around 0.084 , you will be paying like 1.084 (plus any admin fee)
The mother share now cost 1.09
The right price plus covert price always move somewhat similar to directly buying the mother share.
The mother share now cost 1.09
The right price plus covert price always move somewhat similar to directly buying the mother share.
rlong8288 ( Date: 13-Nov-2014 15:11) Posted:
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Is this means is cheaper to buy mother share instead of rights than excerice at 1.275 per share, correct me if I am wrong