Hong Leong Finance

Hong Leong Finance: 1Q14 net profit slipped 5.4% y/y to $14.4m, while revenue dipped 2.6% to $64.1m, mainly due to a 23% decline in fee and commission income, as well as lower interest income and hiring charges (+1.5%). NIM improved 0.7ppts to 59.1% on lower interest payable on deposits resulting from a combination of lower prevailing interest rates and a lower deposits base. Net loan assets grew 1.3% to $9.1b, while deposits and balances of customers decreased 1% to $9.9b. NAV/share of $3.75.