SINGAPORE: Singapore lenders Oversea-Chinese Banking Corporation and United Overseas Bank beat quarterly profit estimates on Wednesday , driven by recovery in their core markets and lower provisions for loan losses.
Prospects in Singapore's banking sector have improved as a rebounding economy has boosted demand for mortgages and loans, while booming markets have bolstered the wealth management business.At the same time, benign credit costs indicate that banks have been able to manage asset quality in the face of the pandemic affecting businesses.
OCBC, Singapore's second-biggest bank, reported net profit of S$1.16 billion in April-June versus S$730 million a year earlier. That compared with the S$1.12 billion average of four analyst estimates, Refinitiv data showed. But profit slumped 23 per cent from the first quarter.
Quarterly net profit at smaller peer, United Overseas Bank, came in at S$1 billion, beating the S$948 million average of three analyst estimates, according to Refinitiv data. Profit rose 43 per cent from a year earlier as impairment charges more than halved, but profit was flat from the first quarter.
Both banks increased dividend payouts. Last week, Singapore's central bank removed caps on dividends paid by banks, citing an improving global economic outlook.Low interest rates have crimped banks' net interest margins - a key gauge of profitability - but this has been cushioned by a rise in fee income, including wealth management fees.
因為有政府拿出儲備金來拯救工作者，和那些受打擊的企業懂嗎？
Singapore Latest News, Singapore Headlines
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