This includes a $7.5 million recovery of bad debts and credit allowances, compared to an immaterial provision for credit allowances this year.
The group reported a net income interest (NII) for the FY2024 of $64.7 million, up 18% y-o-y. This was led by loan growth and a 31 basis points (bps) expansion in net interest margin (NIM) to 1.99%.
For the 2HFY2024, total income grew 27% y-o-y to $38.1 million from a 27% rise in NII and 25% increase in non-interest income. Higher NII was driven by loan growth and a 41 bps expansion of NIM to 2.06%.
The non-interest income growth was driven by a surge in fees and commissions to $1.9 million, while costs declined by 2%.
See also: CDLHT’s FY2025 DPS down by 9.8% y-o-y to 4.8 cents
Asset yield increased by 17 bps to 4.64%, and cost of deposits reduced by 16 bps to 2.99% respectively.
The group’s non-interest income for the FY2024 saw a 58% y-o-y growth to $3.3 million,.
Loan-to-deposit ratio normalised to 91.2% from 84.3% in FY2024 compared to the same period a year before. This is due to the release of higher liquidity reserves to mitigate potential spill-over risk from the international banking crisis in 2023 to finance higher customer loans.
See also: Keppel DC REIT's DPU rises 9.8% in FY2025 after setting aside capex and ULP reserves
Earnings per share for FY2024 came in higher at 15.37 cents per share, and at 17.13 cents per share for the 2HFY2024.
Shares in SIF closed 1 cent lower or 0.917% down at $1.08 on Feb 20.
