Singapore's second- and third-largest lenders reported better-than-expected quarterly profit increases, building on a recovery from pandemic-hit markets and supported by lower provisions for credit losses.
GOLD prices are expected to continue trending upwards as investors keep rolling the dice following risks incurred from Covid-19, which has spread into new territories and disrupted economies worldwide.Gold, as a safe-haven asset, has rallied 7% from the uncertainty caused by the Covid-19 virus. In 2019, it posted stellar returns of 19% due to the trade tensions between the US and China.“As the extent of the virus has not been fully quantified and its economic effects are now only surfacing with companies guiding lower earnings, there is more upside for gold,” StashAway Malaysia Sdn Bhd country manager Wong Wai Ken told The Malaysian Reserve (TMR) recently.
Singapore banks push into post-Covid era: S&P aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.
Anshuman Daga
3 minute read
Summary
United Overseas Bank Q2 profit up 43% to S$1 bln
Loan losses down sharply
SINGAPORE, Aug 4 (Reuters) - Singapore lenders Oversea-Chinese Banking Corp (OCBC.SI) and United Overseas Bank (UOBH.SI) 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.
Results come after strong performances by DBS, UOB Banks boosted by improving asset quality (Recasts, adds analyst comment, details from results)
SINGAPORE, May 7 (Reuters) - Singapore’s Oversea-Chinese Banking Corp more than doubled its quarterly profit on Friday as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances.
The results rounded up a strong showing by Singapore lenders DBS Group and United Overseas Bank in tandem with a recovering global economy that is helping boost bank earning across many countries.
Kevin Kwek, a senior analyst at Stanford C. Bernstein, said OCBC and DBS had the stronger performance among the banks, though “loan growth for OCBC was however the weakest, flat y-o-y, so any improvement there could help sustain the recovery.”