IFS Capital I49
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Financials
Annual Report 2025
Explore the statements
11 tablesConsolidated Statement of Profit or Loss
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Interest income$'000 | 37,773 | 34,237 | PDF p. 87 |
| Interest expense$'000 | (7,534) | (9,008) | PDF p. 87 |
| Net interest income$'000 | 30,239 | 25,229 | PDF p. 87 |
| Insurance revenue$'000 | 21,488 | 13,769 | PDF p. 87 |
| Insurance service expenses$'000 | (23,603) | (24,717) | PDF p. 87 |
| Insurance service results before reinsurance contracts held$'000 | (2,115) | (10,948) | PDF p. 87 |
| Allocation of reinsurance premiums$'000 | (7,600) | (5,897) | PDF p. 87 |
| Reinsurance acquisition income$'000 | 1,825 | 2,401 | PDF p. 87 |
| Amount recoverable from reinsurers for incurred claims$'000 | 4,237 | 8,301 | PDF p. 87 |
| Net income from reinsurance contracts held$'000 | (1,538) | 4,805 | PDF p. 87 |
| Insurance service results$'000 | (3,653) | (6,143) | PDF p. 87 |
| Fee and commission income$'000 | 9,484 | 7,412 | PDF p. 87 |
| Net investment income$'000 | 1,393 | 1,719 | PDF p. 87 |
| Other income$'000 | 1,184 | 875 | PDF p. 87 |
| Non-interest income$'000 | 12,061 | 10,006 | PDF p. 87 |
| Income before operating expenses$'000 | 38,647 | 29,092 | PDF p. 87 |
| Business development expenses$'000 | (1,655) | (1,183) | PDF p. 87 |
| Staff costs$'000 | (17,251) | (15,133) | PDF p. 87 |
| General and administrative expenses$'000 | (6,766) | (6,730) | PDF p. 87 |
| Operating expenses$'000 | (25,672) | (23,046) | PDF p. 87 |
| Operating profit before allowances$'000 | 12,975 | 6,046 | PDF p. 87 |
| Share of loss on share of associate$'000 | (44) | (20) | PDF p. 87 |
| Recognition of allowances for loan losses and impairment of other assets$'000 | (4,192) | (719) | PDF p. 87 |
| Profit before tax$'000 | 8,739 | 5,307 | PDF p. 87 |
| Tax expense$'000 | (2,378) | (1,598) | PDF p. 87 |
| Profit for the year$'000 | 6,361 | 3,709 | PDF p. 87 |
| Profit attributable to | |||
| Owners of the Company$'000 | 4,740 | 1,889 | PDF p. 87 |
| Non-controlling interests$'000 | 1,621 | 1,820 | PDF p. 87 |
| Earnings per share | |||
| Basic earnings per share (cents)cents | 1.26 | 0.50 | PDF p. 87 |
| Diluted earnings per share (cents)cents | 1.26 | 0.50 | PDF p. 87 |
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Definitions & sources
Original report: PDF p. 87 ↗
The accompanying accounting policies and explanatory information form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$'000 | 6,361 | 3,709 | PDF p. 88 |
| Items that will not be reclassified to profit or loss | |||
| Defined benefit plan remeasurements$'000 | 69 | 78 | PDF p. 88 |
| Tax on other comprehensive income$'000 | (23) | – | PDF p. 88 |
| Subtotal$'000 | 46 | 78 | PDF p. 88 |
| Items that are or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences of foreign operations$'000 | 746 | 2,822 | PDF p. 88 |
| Comprehensive income | |||
| Other comprehensive income for the year, net of tax$'000 | 792 | 2,900 | PDF p. 88 |
| Total comprehensive income for the year$'000 | 7,153 | 6,609 | PDF p. 88 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | 5,139 | 4,093 | PDF p. 88 |
| Non-controlling interests$'000 | 2,014 | 2,516 | PDF p. 88 |
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Definitions & sources
Original report: PDF p. 88 ↗
The accompanying accounting policies and explanatory information form an integral part of the financial statements.
Statements of Financial Position
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Equity | |||||
| Share capital$'000 | 137,302 | 137,302 | 137,302 | 137,302 | PDF p. 89 |
| Other reserves$'000 | (3,654) | (4,014) | – | – | PDF p. 89 |
| Accumulated profits$'000 | 48,237 | 45,226 | 27,197 | 25,364 | PDF p. 89 |
| Equity attributable to owners of the Company$'000 | 181,885 | 178,514 | 164,499 | 162,666 | PDF p. 89 |
| Non-controlling interests$'000 | 34,268 | 27,757 | – | – | PDF p. 89 |
| Total equity$'000 | 216,153 | 206,271 | 164,499 | 162,666 | PDF p. 89 |
| Liabilities | |||||
| Trade and other payables$'000 | 17,838 | 12,353 | 5,413 | 4,319 | PDF p. 89 |
| Interest-bearing borrowings$'000 | 283,747 | 277,799 | 182,268 | 191,247 | PDF p. 89 |
| Insurance contract liabilities$'000 | 33,364 | 24,236 | – | – | PDF p. 89 |
| Lease liabilities$'000 | 2,235 | 2,480 | 1,642 | 2,187 | PDF p. 89 |
| Current tax payable$'000 | 1,455 | 1,031 | 49 | – | PDF p. 89 |
| Employee benefits$'000 | 1,848 | 1,673 | – | – | PDF p. 89 |
| Deferred tax liabilities$'000 | 59 | – | 59 | – | PDF p. 89 |
| Total liabilities$'000 | 340,546 | 319,572 | 189,431 | 197,753 | PDF p. 89 |
| Total equity and liabilities$'000 | 556,699 | 525,843 | 353,930 | 360,419 | PDF p. 89 |
| Assets | |||||
| Cash and cash equivalents$'000 | 50,861 | 40,982 | 7,004 | 4,356 | PDF p. 89 |
| Other investments$'000 | 24,910 | 22,894 | 11,397 | 19,000 | PDF p. 89 |
| Property held for sale$'000 | 76 | 83 | – | – | PDF p. 89 |
| Loans and advances$'000 | 276,596 | 283,063 | 154,208 | 181,154 | PDF p. 89 |
| Hire purchase and leasing receivables$'000 | 23,375 | 16,926 | – | – | PDF p. 89 |
| Accounts receivable purchase$'000 | 157,388 | 142,964 | 16,210 | 14,072 | PDF p. 89 |
| Other receivables$'000 | 4,805 | 1,651 | 76,731 | 60,148 | PDF p. 89 |
| Reinsurance contract assets$'000 | 8,356 | 6,888 | – | – | PDF p. 89 |
| Property, plant and equipment$'000 | 844 | 877 | 148 | 150 | PDF p. 89 |
| Intangible assets$'000 | 423 | 147 | 315 | 66 | PDF p. 89 |
| Investment properties$'000 | 1,587 | 1,740 | – | – | PDF p. 89 |
| Investment in subsidiaries$'000 | – | – | 86,433 | 79,433 | PDF p. 89 |
| Investment in associate$'000 | 1,906 | 1,914 | – | – | PDF p. 89 |
| Deferred tax assets$'000 | 3,505 | 3,400 | – | – | PDF p. 89 |
| Right-of-use assets$'000 | 2,067 | 2,314 | 1,484 | 2,040 | PDF p. 89 |
| Total assets$'000 | 556,699 | 525,843 | 353,930 | 360,419 | PDF p. 89 |
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Definitions & sources
Original report: PDF p. 89 ↗
The accompanying accounting policies and explanatory information form an integral part of the financial statements.
Statement as at 31 December 2025.
Consolidated Statement of Comprehensive Income
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit | |||
| Profit for the year$'000 | 6,361 | 3,709 | PDF p. 88 |
| Items that will not be reclassified to profit or loss | |||
| Defined benefit plan remeasurements$'000 | 69 | 78 | PDF p. 88 |
| Tax on other comprehensive income$'000 | (23) | – | PDF p. 88 |
| Items that are or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences of foreign operations$'000 | 746 | 2,822 | PDF p. 88 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of tax$'000 | 792 | 2,900 | PDF p. 88 |
| Total | |||
| Total comprehensive income for the year$'000 | 7,153 | 6,609 | PDF p. 88 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | 5,139 | 4,093 | PDF p. 88 |
| Non-controlling interests$'000 | 2,014 | 2,516 | PDF p. 88 |
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Definitions & sources
Original report: PDF p. 88 ↗
Unlabelled subtotals 46/78 and 746/2,822 not extracted as separate rows.
Consolidated Statement of Changes in Equity - year ended 31 December 2025
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital | 2025Group - Capital reserve | 2025Group - Translation reserve | 2025Group - Accumulated profits | 2025Group - Total attributable to owners of the Company | 2025Group - Non-controlling interests | 2025Group - Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||
| At 1 January 2025$'000 | 137,302 | 108 | (4,122) | 45,226 | 178,514 | 27,757 | 206,271 | PDF p. 90 |
| Total comprehensive income for the year | ||||||||
| Profit for the year$'000 | – | – | – | 4,740 | 4,740 | 1,621 | 6,361 | PDF p. 90 |
| Other comprehensive income | ||||||||
| Foreign currency translation differences$'000 | – | – | 360 | – | 360 | 386 | 746 | PDF p. 90 |
| Defined benefit plan remeasurements$'000 | – | – | – | 60 | 60 | 9 | 69 | PDF p. 90 |
| Tax on other comprehensive income$'000 | – | – | – | (21) | (21) | (2) | (23) | PDF p. 90 |
| Total other comprehensive income$'000 | – | – | 360 | 39 | 399 | 393 | 792 | PDF p. 90 |
| Total comprehensive income for the year | ||||||||
| Total comprehensive income for the year$'000 | – | – | 360 | 4,779 | 5,139 | 2,014 | 7,153 | PDF p. 90 |
| Contributions by and distributions to owners | ||||||||
| Dividends paid to owners of the Company$'000 | – | – | – | (1,880) | (1,880) | – | (1,880) | PDF p. 90 |
| Total contributions by and distributions to owners$'000 | – | – | – | (1,880) | (1,880) | – | (1,880) | PDF p. 90 |
| Transactions with owners | ||||||||
| Changes in ownership interests in subsidiaries$'000 | – | – | – | 98 | 98 | (98) | – | PDF p. 90 |
| Non-controlling interest arising from investment in subsidiary$'000 | – | – | – | – | – | 14,124 | 14,124 | PDF p. 90 |
| Non-controlling interest arising from disposal in subsidiary$'000 | – | – | – | 14 | 14 | (8,330) | (8,316) | PDF p. 90 |
| Dividends paid by a subsidiary company to non-controlling interests$'000 | – | – | – | – | – | (1,199) | (1,199) | PDF p. 90 |
| Total changes in ownership interests in subsidiaries$'000 | – | – | – | 112 | 112 | 4,497 | 4,609 | PDF p. 90 |
| Total transactions with owners$'000 | – | – | – | (1,768) | (1,768) | 4,497 | 2,729 | PDF p. 90 |
| Closing balance | ||||||||
| At 31 December 2025$'000 | 137,302 | 108 | (3,762) | 48,237 | 181,885 | 34,268 | 216,153 | PDF p. 90 |
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Definitions & sources
Original report: PDF p. 90 ↗
Header: Attributable to owners of the Company (Share capital, Capital reserve, Translation reserve, Accumulated profits, Total); Non-controlling interests; Total equity.
Group only; no separate Company statement of changes in equity found in pages read.
Consolidated Statement of Changes in Equity - year ended 31 December 2024
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group - Share capital | 2024Group - Capital reserve | 2024Group - Translation reserve | 2024Group - Accumulated profits | 2024Group - Total attributable to owners of the Company | 2024Group - Non-controlling interests | 2024Group - Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||
| At 1 January 2024$'000 | 137,302 | 108 | (6,248) | 45,139 | 176,301 | 23,811 | 200,112 | PDF p. 91 |
| Total comprehensive income for the year | ||||||||
| Profit for the year$'000 | – | – | – | 1,889 | 1,889 | 1,820 | 3,709 | PDF p. 91 |
| Other comprehensive income | ||||||||
| Foreign currency translation differences$'000 | – | – | 2,126 | – | 2,126 | 696 | 2,822 | PDF p. 91 |
| Defined benefit plan remeasurements$'000 | – | – | – | 78 | 78 | – | 78 | PDF p. 91 |
| Total other comprehensive income$'000 | – | – | 2,126 | 78 | 2,204 | 696 | 2,900 | PDF p. 91 |
| Total comprehensive income for the year | ||||||||
| Total comprehensive income for the year$'000 | – | – | 2,126 | 1,967 | 4,093 | 2,516 | 6,609 | PDF p. 91 |
| Contributions by and distributions to owners | ||||||||
| Dividends paid to owners of the Company$'000 | – | – | – | (1,880) | (1,880) | – | (1,880) | PDF p. 91 |
| Total contributions by and distributions to owners$'000 | – | – | – | (1,880) | (1,880) | – | (1,880) | PDF p. 91 |
| Transactions with owners | ||||||||
| Changes in ownership interests in subsidiaries$'000 | – | – | – | – | – | – | – | PDF p. 91 |
| Non-controlling interest arising from investment in subsidiary$'000 | – | – | – | – | – | 2,413 | 2,413 | PDF p. 91 |
| Dividends paid by a subsidiary company to non-controlling interests$'000 | – | – | – | – | – | (983) | (983) | PDF p. 91 |
| Total changes in ownership interests in subsidiaries$'000 | – | – | – | – | – | 1,430 | 1,430 | PDF p. 91 |
| Total transactions with owners$'000 | – | – | – | (1,880) | (1,880) | 1,430 | (450) | PDF p. 91 |
| Closing balance | ||||||||
| At 31 December 2024$'000 | 137,302 | 108 | (4,122) | 45,226 | 178,514 | 27,757 | 206,271 | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 91 ↗
Group only; comparative year statement.
Consolidated Statement of Cash Flows (operating activities)
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax$'000 | 8,739 | 5,307 | PDF p. 92 |
| Adjustments for | |||
| Share of after-tax results of associates$'000 | 44 | 20 | PDF p. 92 |
| Amortisation of debt securities at amortised cost$'000 | (75) | (51) | PDF p. 92 |
| Amortisation of intangible assets$'000 | 85 | 141 | PDF p. 92 |
| Depreciation of property, plant and equipment$'000 | 288 | 276 | PDF p. 92 |
| Depreciation of investment properties$'000 | 183 | 175 | PDF p. 92 |
| Depreciation of right-of-use assets$'000 | 756 | 764 | PDF p. 92 |
| Gain on disposal of debt and equity securities$'000 | (289) | (64) | PDF p. 92 |
| Loss on disposal of property, plant and equipment$'000 | – | 13 | PDF p. 92 |
| Net change in fair value of financial assets through profit or loss$'000 | (277) | (358) | PDF p. 92 |
| Property, plant and equipment written-off$'000 | – | 21 | PDF p. 92 |
| Reversal of allowance for impairment on debt securities at amortised cost$'000 | (15) | (15) | PDF p. 92 |
| Recognition of allowance for loan losses and impairment of other assets$'000 | 4,207 | 734 | PDF p. 92 |
| Interest income$'000 | (37,773) | (34,237) | PDF p. 92 |
| Interest income from investments and fixed deposits$'000 | (509) | (951) | PDF p. 92 |
| Dividend income from investments$'000 | (343) | (244) | PDF p. 92 |
| Interest expense on borrowings$'000 | 7,534 | 9,008 | PDF p. 92 |
| Interest expense on lease liabilities$'000 | 107 | 140 | PDF p. 92 |
| Cash flows from operating activities | |||
| Operating cash flows before changes in working capital$'000 | (17,338) | (19,321) | PDF p. 92 |
| Changes in working capital | |||
| Accounts receivable purchase$'000 | (17,472) | (14,514) | PDF p. 92 |
| Accounts receivable purchase owing to clients$'000 | (373) | (812) | PDF p. 92 |
| Loans and advances$'000 | 6,576 | (15,166) | PDF p. 92 |
| Hire purchase and leasing receivables$'000 | (6,766) | (864) | PDF p. 92 |
| Other receivables and reinsurance contract assets$'000 | (4,613) | (3,994) | PDF p. 92 |
| Trade and other payables and insurance contract liabilities$'000 | 14,365 | 13,322 | PDF p. 92 |
| Cash flows from operating activities | |||
| Cash used in operations$'000 | (25,621) | (41,349) | PDF p. 92 |
| Interest received$'000 | 38,282 | 35,188 | PDF p. 92 |
| Interest paid$'000 | (7,357) | (8,104) | PDF p. 92 |
| Interest expense on lease liabilities paid$'000 | (107) | (140) | PDF p. 92 |
| Taxes paid, net$'000 | (1,679) | (1,617) | PDF p. 92 |
| Net cash generated from/(used in) operating activities$'000 | 3,518 | (16,022) | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
Continues on page 93 (investing and financing).
Consolidated Statement of Cash Flows (investing, financing, closing cash)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Proceeds from sale of property, plant and equipment$'000 | – | 13 | PDF p. 93 |
| Purchase of property, plant and equipment$'000 | (198) | (107) | PDF p. 93 |
| Purchase of intangible assets$'000 | (414) | (117) | PDF p. 93 |
| Purchase of investments$'000 | (49,644) | (23,753) | PDF p. 93 |
| Proceeds from disposal of investments$'000 | 48,136 | 24,057 | PDF p. 93 |
| Dividends received from investments$'000 | 343 | 244 | PDF p. 93 |
| Net cash (used in)/generated from investing activities$'000 | (1,777) | 337 | PDF p. 93 |
| Cash flows from financing activities | |||
| Dividends paid to owners of the Company$'000 | (1,880) | (1,880) | PDF p. 93 |
| Dividends paid to non-controlling interests$'000 | (1,199) | (983) | PDF p. 93 |
| Repayment of interest-bearing borrowings$'000 | (1,435,450) | (941,113) | PDF p. 93 |
| Proceeds from drawdown of interest-bearing borrowings$'000 | 1,439,259 | 952,399 | PDF p. 93 |
| Proceeds from non-controlling interest’s investments to subsidiary$'000 | 14,124 | 2,413 | PDF p. 93 |
| Repayment by a subsidiary company to non-controlling interest on disposal$'000 | (8,319) | – | PDF p. 93 |
| Repayment of lease liabilities$'000 | (753) | (700) | PDF p. 93 |
| Net cash generated from financing activities$'000 | 5,782 | 10,136 | PDF p. 93 |
| Closing cash | |||
| Net increase/(decrease) in cash and cash equivalents$'000 | 7,523 | (5,549) | PDF p. 93 |
| Cash and cash equivalents at 1 January$'000 | 40,982 | 43,292 | PDF p. 93 |
| Net foreign exchange difference$'000 | 2,356 | 3,239 | PDF p. 93 |
| Cash and cash equivalents at 31 December$'000 | 50,861 | 40,982 | PDF p. 93 |
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Definitions & sources
Original report: PDF p. 93 ↗
Included in cash and cash equivalents is $414,000 (2024: $1,599,000) of deposits held as collaterals for guarantees issued on behalf of policyholders in respect of the Group’s insurance business. These deposits are not available for use in the Group’s day to day operations.
Earnings per share (Consolidated Statement of Profit or Loss and Note 13)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Basic earnings per share (cents)cents | 1.26 | 0.50 | PDF p. 87 |
| Diluted earnings per share (cents)cents | 1.26 | 0.50 | PDF p. 87 |
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Definitions & sources
Original report: PDF p. 87 ↗
Note reference 13 is printed in the Note column.
Note 13 Earnings per share – basis
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic earnings per share is based on | |||
| Net profit attributable to ordinary shareholders$’000 | 4,740 | 1,889 | PDF p. 125 |
| Number of shares | |||
| Issued ordinary shares at beginning and end of the yearnumber of shares | 375,969,665 | 375,969,665 | PDF p. 125 |
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Definitions & sources
Original report: PDF p. 125 ↗
Page 125 as read ends after the issued shares row; no further weighted-average rows were visible.
Dividends (Note 15)
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| Metric / unit | 2025Group/Company dividends paid in year | 2024Group/Company dividends paid in year | Source |
|---|---|---|---|
| Dividends paid | |||
| A first and final one-tier tax exempt dividend of 0.50 cents per ordinary share (2024: 0.50 cents per ordinary share) paid in respect of previous financial year ended 31 December$’000 | 1,880 | 1,880 | PDF p. 128 |
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Definitions & sources
Original report: PDF p. 128 ↗
Dividends proposed: A first and final one-tier tax exempt dividend of 0.80 (2024: 0.50) cents per ordinary share in respect of the financial year ended 31 December 2025 was proposed, subject to the approval of the Shareholders at the Annual General Meeting. The dividend has not been provided in these financial statements and there is no income tax consequence.
Capital management: leverage ratio is defined as total consolidated liabilities divided by the total consolidated tangible net assets; return on equity is defined as profit after tax divided by total average shareholders' equity, excluding non-controlling interests. Strategy: leverage ratio below 5.5 times and dividend distribution of at least 30% of earnings each year.
Where the money comes from
Segment information
By business
Operating segments – business segments, as at 31 December 10 lines
| Item / unit | 2025Private credit | 2025Insurance | 2025Private equity and other investments | 2025Asset management | 2025Total | 2024Private credit | 2024Insurance | 2024Private equity and other investments | 2024Asset management | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating results | |||||||||||
| Total operating income$'000 | 39,135 | (2,345) | 939 | 10 | 37,739 | 32,673 | (4,780) | 357 | – | 28,250 | PDF p. 208PDF p. 209 |
| Reportable segment profit/(loss) before tax$'000 | 10,537 | (1,790) | 789 | (797) | 8,739 | 10,129 | (4,664) | 357 | (515) | 5,307 | PDF p. 208PDF p. 209 |
| Net interest income$'000 | 30,239 | – | – | – | 30,239 | 25,229 | – | – | – | 25,229 | PDF p. 208PDF p. 209 |
| Insurance service results$'000 | – | (3,653) | – | – | (3,653) | – | (6,143) | – | – | (6,143) | PDF p. 208PDF p. 209 |
| Non-interest income$'000 | 9,347 | 1,761 | 939 | 14 | 12,061 | 8,082 | 1,567 | 357 | – | 10,006 | PDF p. 208PDF p. 209 |
| Other material non-cash items | |||||||||||
| – Recognition of allowances for loan losses and impairment of other assets$'000 | (4,207) | 15 | – | – | (4,192) | (734) | 15 | – | – | (719) | PDF p. 208PDF p. 209 |
| – Depreciation and amortisation$'000 | (1,245) | (31) | (32) | – | (1,308) | (1,304) | (27) | – | – | (1,331) | PDF p. 208PDF p. 209 |
| Assets and liabilities | |||||||||||
| Reportable segment assets$'000 | 504,032 | 47,012 | 2,013 | 703 | 553,760 | 484,075 | 35,454 | 2,552 | 818 | 522,899 | PDF p. 208PDF p. 209 |
| Capital expenditure$'000 | 581 | 31 | – | – | 612 | 167 | 57 | – | – | 224 | PDF p. 208PDF p. 209 |
| Reportable segment liabilities$'000 | 304,207 | 34,716 | 44 | 127 | 339,094 | 294,151 | 24,225 | 97 | 121 | 318,594 | PDF p. 208PDF p. 209 |
Notes
Total operating income comprises net interest income, insurance service results, fee and commission income and investment income. Performance is measured based on segment profit before tax.
Comparative year segment table.
Reconciliations of reportable segment operating income, profit, assets and liabilities 18 lines
| Item / unit | 2025Group reconciliation | 2024Group reconciliation | Source |
|---|---|---|---|
| Operating income | |||
| Net interest income$'000 | 30,239 | 25,229 | PDF p. 210 |
| Insurance service results$'000 | (3,653) | (6,143) | PDF p. 210 |
| Fee and commission income$'000 | 9,484 | 7,412 | PDF p. 210 |
| Investment income$'000 | 1,393 | 1,719 | PDF p. 210 |
| Others*$'000 | 276 | 33 | PDF p. 210 |
| Total operating income for reportable segments$'000 | 37,739 | 28,250 | PDF p. 210 |
| Profit | |||
| Total profit before tax for reportable segments$'000 | 8,739 | 5,307 | PDF p. 210 |
| Consolidated profit before tax$'000 | 8,739 | 5,307 | PDF p. 210 |
| Non-interest income | |||
| Fee and commission income$'000 | 9,484 | 7,412 | PDF p. 210 |
| Net investment income$'000 | 1,393 | 1,719 | PDF p. 210 |
| Others#$'000 | 1,100 | 776 | PDF p. 210 |
| Total non-interest income for reportable segments$'000 | 11,977 | 9,907 | PDF p. 210 |
| Assets | |||
| Total assets for reportable segments$'000 | 553,760 | 522,899 | PDF p. 210 |
| Other unallocated amounts$'000 | 2,939 | 2,944 | PDF p. 210 |
| Consolidated assets$'000 | 556,699 | 525,843 | PDF p. 210 |
| Liabilities | |||
| Total liabilities for reportable segments$'000 | 339,094 | 318,594 | PDF p. 210 |
| Other unallocated amounts$'000 | 1,452 | 978 | PDF p. 210 |
| Consolidated liabilities$'000 | 340,546 | 319,572 | PDF p. 210 |
Notes
* Represents recoveries from loans and advances, accounts receivable purchase, hire purchase and leasing receivables which were previously written off, included in other income.
# Excludes grant income.
By geography
Geographical information – operating income and total assets 6 lines
| Item / unit | 2025Operating income | 2025Total assets | 2024Operating income | 2024Total assets | Source |
|---|---|---|---|---|---|
| Singapore$'000 | 16,545 | 343,136 | 12,230 | 335,313 | PDF p. 211 |
| Thailand$'000 | 16,708 | 169,254 | 14,202 | 161,824 | PDF p. 211 |
| Malaysia$'000 | 3,123 | 22,868 | 1,209 | 15,872 | PDF p. 211 |
| Indonesia$'000 | 1,357 | 21,423 | 609 | 12,834 | PDF p. 211 |
| Hong Kong$'000 | 6 | 18 | PDF p. 211 | ||
| Total (unlabelled)$'000 | 37,739 | 556,699 | 28,250 | 525,843 | PDF p. 211 |
Notes
Segment operating income is based on the geographical location of the clients. Segment assets are based on the geographical location of the assets.
Geographical segments are analysed by five (2024: four) principal geographical areas.
Hong Kong is not listed for 2024 (four areas in 2024).
Debt
Borrowings
Interest-bearing borrowings - payable maturity
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Payable | |||||
| Within 12 months$'000 | 278,756 | 269,538 | 179,854 | 186,497 | PDF p. 132 |
| Between 1 and 5 years$'000 | 4,991 | 8,261 | 2,414 | 4,750 | PDF p. 132 |
| Total interest-bearing borrowings$'000 | 283,747 | 277,799 | 182,268 | 191,247 | PDF p. 132 |
Notes
No maturity beyond 5 years is printed. Total row has no printed label.
Liquidity risk contractual maturities - Group borrowings and lease liabilities, 31 December
| Item / unit | 2025Group carrying amount | 2025Group contractual cash flows | 2025Group 6 months or less | 2025Group 6-12 months | 2025Group 1-2 years | 2025Group 2-5 years | 2024Group carrying amount | 2024Group contractual cash flows | 2024Group 6 months or less | 2024Group 6-12 months | 2024Group 1-2 years | 2024Group 2-5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As at 31 December | |||||||||||||
| Interest-bearing borrowings$'000 | 283,747 | 284,970 | 274,779 | 5,315 | 3,478 | 1,398 | 277,799 | 277,922 | 253,408 | 5,762 | 13,637 | 5,115 | PDF p. 186 |
| Lease liabilities$'000 | 2,235 | 2,396 | 483 | 702 | 705 | 506 | 2,480 | 2,691 | 424 | 410 | 712 | 1,145 | PDF p. 186 |
Notes
Label 'Interest-bearing' wraps onto the next line 'borrowings'. Contractual cash flows include estimated interest payments.
Label wraps across two lines.
Liquidity risk contractual maturities - Company borrowings and lease liabilities, 31 December
| Item / unit | 2025Company carrying amount | 2025Company contractual cash flows | 2025Company 6 months or less | 2025Company 6-12 months | 2025Company 1-2 years | 2025Company 2-5 years | 2024Company carrying amount | 2024Company contractual cash flows | 2024Company 6 months or less | 2024Company 6-12 months | 2024Company 1-2 years | 2024Company 2-5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As at 31 December | |||||||||||||
| Interest-bearing borrowings$'000 | 182,268 | 182,558 | 176,374 | 3,964 | 822 | 1,398 | 191,247 | 193,127 | 175,254 | 4,173 | 11,111 | 2,589 | PDF p. 187 |
| Lease liabilities$'000 | 1,642 | 1,746 | 321 | 325 | 657 | 443 | 2,187 | 2,382 | 316 | 320 | 646 | 1,100 | PDF p. 187 |
Notes
Label wraps across two lines.
Borrowing notes 4 tables
Interest-bearing borrowings by type - Group
| Item / unit | 2025Group face value | 2025Group carrying amount | 2024Group face value | 2024Group carrying amount | Source |
|---|---|---|---|---|---|
| Group | |||||
| Unsecured short-term bank loans$'000 | 264,264 | 264,264 | 245,203 | 245,203 | PDF p. 132 |
| Unsecured long-term bank loans$'000 | 9,903 | 9,903 | 19,528 | 19,528 | PDF p. 132 |
| Unsecured EFS loans$'000 | 9,580 | 9,580 | 13,068 | 13,068 | PDF p. 132 |
Notes
(a) The unsecured short-term bank loans bear nominal interest rates ranging from 1.74% to 4.89% (2024: 2.9% to 5.3%) per annum and are repayable in 2025. For the Group, these include subsidiaries’ bank loans denominated in Malaysian Ringgit and Thai Baht.
(b) The unsecured long-term bank loans bear nominal interest rates 3.05% to 3.6% (2024: 3.1% to 4.2%) per annum and are repayable monthly or quarterly between 2025 to 2027 (2024: 2025 to 2027). For the Group, these include subsidiaries’ bank loans denominated in Thai Baht.
(c) These represent unsecured advances from Enterprise Singapore to fund loans and advances extended by the Company to borrowers under the Enterprise Financing Scheme (“EFS”). Credit risk for loans and advances made under these schemes are shared by the providers of these borrowings and the Company.
All borrowings are unsecured; no secured borrowings are printed.
Interest-bearing borrowings by type - Company
| Item / unit | 2025Company face value | 2025Company carrying amount | 2024Company face value | 2024Company carrying amount | Source |
|---|---|---|---|---|---|
| Company | |||||
| Unsecured short-term bank loans$'000 | 167,938 | 167,938 | 167,214 | 167,214 | PDF p. 132 |
| Unsecured long-term bank loans$'000 | 4,750 | 4,750 | 10,965 | 10,965 | PDF p. 132 |
| Unsecured EFS loans$'000 | 9,580 | 9,580 | 13,068 | 13,068 | PDF p. 132 |
Notes
See Group table notes (a)-(c) for interest rates and terms (same footnotes apply).
Interest rates and repricing analysis - Group 31 December
| Item / unit | 2025Group floating rate | 2025Group fixed rate maturing within 1 year | 2025Group fixed rate maturing in 1 to 5 years | 2025Group total | 2024Group floating rate | 2024Group fixed rate maturing within 1 year | 2024Group fixed rate maturing in 1 to 5 years | 2024Group total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group 31 December | |||||||||
| Unsecured short-term bank loans$'000 | 264,264 | – | – | 264,264 | 245,203 | – | – | 245,203 | PDF p. 133 |
| Unsecured long-term bank loans$'000 | 5,153 | 4,500 | 250 | 9,903 | 8,564 | 6,214 | 4,750 | 19,528 | PDF p. 133 |
| Unsecured EFS loans$'000 | – | 7,415 | 2,165 | 9,580 | – | 13,068 | – | 13,068 | PDF p. 133 |
Notes
Subtotal row 269,417 11,915 2,415 283,747 is unlabelled.
Subtotal row 253,767 19,282 4,750 277,799 is unlabelled.
Interest rates and repricing analysis - Company 31 December
| Item / unit | 2025Company floating rate | 2025Company fixed rate maturing within 1 year | 2025Company fixed rate maturing in 1 to 5 years | 2025Company total | 2024Company floating rate | 2024Company fixed rate maturing within 1 year | 2024Company fixed rate maturing in 1 to 5 years | 2024Company total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Company 31 December | |||||||||
| Unsecured short-term bank loans$'000 | 167,938 | – | – | 167,938 | 167,215 | – | – | 167,215 | PDF p. 133 |
| Unsecured long-term bank loans$'000 | – | 4,500 | 250 | 4,750 | – | 6,214 | 4,750 | 10,964 | PDF p. 133 |
| Unsecured EFS loans$'000 | – | 7,415 | 2,165 | 9,580 | – | 13,068 | – | 13,068 | PDF p. 133 |
Notes
Subtotal row 167,938 11,915 2,415 182,268 is unlabelled.
Subtotal row 167,215 19,282 4,750 191,247 is unlabelled. Printed 10,964 and 167,215 differ by 1 from note 18 composition table (10,965 / 167,214) as printed.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends | The Company aims to pay a sustainable and growing dividend over time, consistent with long-term growth prospects. Dividends will be declared on an annual basis, taking into consideration the Group’s financial performance, cash position, cash flow generated from operations, projected capital requirements for business growth, general global economic conditions and other factors as the Board may deem appropriate. As a guide, the Company endeavours to pay annual dividends of not less than 30% of its net profit after tax, barring unforeseen circumstances. | Company policy | PDF p. 73 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| A first and final one-tier tax exempt dividend of 0.80 (2024: 0.50) cents per ordinary share | 0.80 cents per share | FY2025 proposed, first and final, one-tier tax exempt, subject to shareholder approval at AGM | PDF p. 128 |
| A first and final one-tier tax exempt dividend of 0.50 cents per ordinary share | 0.50 cents per share | FY2024 comparative, first and final, one-tier tax exempt, paid in 2025 | PDF p. 128 |
| – ordinary (cents) | 0.80 cents | Gross dividends declared per share, ordinary, 2025 (2024: 0.50) | PDF p. 7 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend proposed/paid for the year (net of tax) | 3,008 S$000 | FY2025 (2024: 1,880) | PDF p. 7 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group | PDF p. 86 |
| Engagement partner | Yeo Jia Yun, Vanessa | Group | PDF p. 86 |
| Auditor's report date | 27 March 2026 | Group · As at 2026-03-27 | PDF p. 86 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company | PDF p. 81 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.