IFS Capital (I49) H2 2024 earnings summary

Executive summary

• Net operating income was S$29.1m, down from S$30.1m in 2023; profit after tax fell to S$3.7m from S$5.3m, with insurance losses the main pressure.

• Lending assets grew 8% to S$443m, while lower loan-loss provisions and private-credit fund performance supported results.

Financial highlights

• Net interest income rose to S$25.2m from S$22.1m; fee and commission income increased to S$7.4m from S$6.5m.

• Profit before tax was S$5.3m versus S$7.1m; profit attributable to shareholders was S$1.9m versus S$3.4m.

• Operating profit before allowances fell to S$6.0m from S$8.9m; loan-loss allowances and impairment were S$0.7m versus S$1.7m.

• Total assets rose to S$525.8m from S$491.3m; total liabilities increased to S$319.6m from S$291.2m.

• Gross revenue growth was 25.4%; net operating income was S$29.1m versus S$30.1m.

Outlook and guidance

• 2025 priorities include improving customer experience, tightening underwriting practices and pursuing opportunities aligned with long-term objectives.

• Plans include further developing the regional trade-finance network to support intra-ASEAN and ASEAN-to-global trade flows while monitoring market risks.

• Energy-efficiency measures are planned across offices in FY2025; climate disclosures are being prepared with reference to IFRS Sustainability Disclosure Standards.