Hong Leong Finance's profits slipped 13% to $103m in 2019

Earnings per share fell to $23.09 cents.

Hong Leong Finance posted a $103m net profit for FY2019, a 13% decline from $118m in 2018, according to an SGX filing.

Earnings per share dipped to $23.09 cents from $26.56 cents.

Loans and advances increased 12.4% to $11.57b in 2019 from $10.3b the previous year, with deposits and balances of customers also rising 8.5% to $12.3b by end-2019.

Hong Leong Finance maintained a robust capital adequacy ratio of 15% as of end-2019, higher than the prescribed requirement.

The firm is cautious for 2020 amidst geopolitical uncertainties and the ongoing COVID-19 outbreak which contributed to sluggish interest rates and weak global outlook. However, it believes the impact may be somewhat cushioned by its lack of operations in China.

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