SINGAPORE - Singapore banks are likely to report their average net interest margins fell the most quarter-on-quarter in 18 years as interest rates weakened, while profits on the year are seen taking a hit from the impact of the Covid-19 pandemic and weak asset quality.
The market's focus when DBS Group and its two smaller rivals report results this week will be on any signs that the June quarter marked the trough for net interest margins, a key measure of profitability, as economies emerge from months of lockdown. Second-quarter profit at DBS, which has state investor Temasek Holdings as its biggest investor, is set to rise nearly 3 per cent to $1.19 billion from a quarter ago but slump about 25 per cent on the year, according to the average estimate of five analysts, Refinitiv data shows.
Net interest margins of DBS, OCBC and United Overseas Bank are estimated at between 1.55 per cent to 1.64 per cent for the quarter, according to Refinitiv data.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore banks face scrutiny on asset quality at upcoming Q2 resultsMOUNTING concerns over asset quality are likely to take centre stage at the upcoming quarterly results of Singapore's banking trio as companies brace for a prolonged crisis. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
UOB launches digital bank TMRW in IndonesiaSINGAPORE (THE BUSINESS TIMES) - United Overseas Bank (UOB) on Monday (Aug 3) launched its digital bank TMRW in Indonesia.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Dividend cap on Singapore banks to weigh down sentimentANALYSTS have reset their dividend estimates for Singapore banks in the upcoming second-quarter results, while also projecting for sharp dips in share prices in the near term, after the regulator nudged banks to cap their dividends. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
StanChart named Singapore's first significantly rooted foreign bank as MAS enhances schemeSINGAPORE - The Monetary Authority of Singapore (MAS) on Monday (Aug 3) named Standard Chartered Bank (Singapore) the first Significantly Rooted Foreign Bank (SRFB) here, allowing it to operate up to 50 places of business, double its current cap.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
StanChart to boost presence in Singapore as first 'significantly rooted foreign bank' hereSTANDARD Chartered Bank Singapore has been granted additional privileges as the first bank to qualify as a Significantly Rooted Foreign Bank (SRFB) in the Republic, the Monetary Authority of Singapore (MAS) said on Monday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Daily Debrief: What Happened TodayStanChart to boost presence in Singapore as first ‘significantly rooted foreign bank’ here, Singapore’s visitor arrivals in June sink to 2,200 at
Source: BusinessTimes - 🏆 15. / 51 Read more »