Link: https://links.sgx.com/1.0.0/corporate-announcements/1ZBVHMXQHS50L0RB/2b8a5ef65dfccd240998e6aabb267cfdd1722e0b7986f8c89de800a5676c527b

Summary:

• Revenue/Net interest income: Net interest and hiring income S$13.33m (up 18.9%); fee income S$0.17m (down 36.1%); other income S$0.13m (down 52.2%).

• Profit: Profit before tax S$3.96m (up 19.1%); profit after tax S$3.32m (up 20.5%); basic EPS 4.19 cents.

• Operating expenses: S$10.90m (up 41.3%) on higher staff costs and other expenses (office renovation, rebranding); cost-to-income ratio 79.9%.

• Credit costs: Net write-back of allowances S$1.22m (vs S$0.72m charge); NPL ratio secured 2.33%, unsecured 0.15%.

• Balance sheet: Loans and advances net S$1.11b (up 13% vs Dec-2024); customer deposits S$1.17b (up 13%); cash and balances S$88.7m; CAR 22.06%.

• Cash flow: Operating cash outflow S$1.40m; investing inflow S$9.65m; financing outflow S$5.37m; cash and cash equivalents S$80.68m at period end.

• NAV per share: S$1.62 (up from S$1.60 at end-2024); shareholders’ equity S$257.5m.

• Dividend: No interim dividend declared; company pays dividends annually subject to Board/shareholder approval.

• Outlook: Cautious amid geopolitical risks and potential tariff changes; focus on loan growth, funding cost management, and prudent credit provisioning.