Singapore's regulator said the dividend restrictions are a pre-emptive measure. It added that stress tests showed local banks remain resilient even under "adverse conditions consistent with a serious and prolonged public health crisis.
The country is one of the worst-hit in Southeast Asia by the coronavirus. As of Wednesday, Singapore reported over 51,500 cases and 27 deaths, according to its health ministry.— which would be the country's worst recession since its independence in 1965. "MAS wants to ensure the banks' capital buffers remain ample in the face of significant uncertainties ahead, so that they can sustain lending to the economy," said Ravi Menon, managing director of MAS.
Krishna Guha, equity analyst at Jefferies, said in a Thursday note that the dividend cap is likely to weigh on investor sentiment. "That said, investors need to keep in mind the strong capital positions ... the customary prudence of the central bank and the fact that the 60% cap is not as severe as restrictions in some other jurisdictions," he said.
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