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Singapore s DBS bets on post-pandemic recovery, profit up on lower credit costs

Singapore s DBS bets on post-pandemic recovery, profit up on lower credit costs
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Sonya hepinstallStanfordc bernsteinKevin kwekSonali paulPiyush guptaGroup holdingsUnited overseas bankSoutheast asiaStandard charteredAnshuman dagaசொனாலி பால்பியூஷ குப்தாகுழு ஹோல்டிங்ஸ்ஒன்றுபட்டது ஓவர்‌ஸீஸ் வங்கிதென்கிழக்கு ஆசியாதரநிலை பட்டய

DBS bets on rebounding economy, Q2 profit jumps 37% to S$1 7 billion

SINGAPORE : Singapore s DBS Group Holdings flagged strong loan growth and weaker credit costs after posting a 37 per cent jump in quarterly net profit, as Southeast Asia s largest lender benefited from a rebound in its mainstay home market. The bank joined local peers OCBC and United Overseas Bank in beating market estimates but the sector s sequential performance slowed sharply, underscoring challenges to maintaining growth. Overall numbers were ok considering net interest margins have fallen over 40 basis points from pre-COVID levels as rates fell, with the fee side largely expected, said Kevin Kwek, a senior analyst at Stanford C. Bernstein, commenting on DBS.

Stanfordc bernsteinKevin kwekPiyush guptaMoody investors serviceUnited overseas bankGroup holdingsSoutheast asiaStandard charteredInvestors serviceபியூஷ குப்தாமனநிலை முதலீட்டாளர்கள் சேவைஒன்றுபட்டது ஓவர்‌ஸீஸ் வங்கிகுழு ஹோல்டிங்ஸ்தென்கிழக்கு ஆசியாதரநிலை பட்டயமுதலீட்டாளர்கள் சேவை

Singapore banks flag robust growth as bad loans ease

SINGAPORE (Reuters): Singapore bank earnings show lenders on track to follow global peers bouncing back from a pandemic-hit year, beating estimates as economic recovery helps them reduce loan-loss provisions on top of strong wealth management business. On Friday (May 7), Oversea-Chinese Banking Corp, Singapore s second-largest listed lender, more than doubled its quarterly profit, rounding up a strong showing by DBS Group and United Overseas Bank. We expect that the recovering macroeconomic environment will result in further improvements in the profitability of large Singaporean banks in 2021, supporting their very high Aa1 credit ratings, said Eugene Tarzimanov, a senior credit officer at Moody s Investors Service.

United statesHelen wongStanfordc bernsteinKevin kwekEugene tarzimanovChinese banking corpMoody investors serviceUnited overseas bankOversea chinese banking corpUnited overseasExecutive officer helen wongGreater chinaஒன்றுபட்டது மாநிலங்களில்ஹெலன் வோங்சீன வங்கி கார்ப்மனநிலை முதலீட்டாளர்கள் சேவை

UPDATE 2-OCBC doubles Q1 profit, rounds up strong outlook for Singapore banks

Results come after strong performances by DBS, UOB Banks’ benefit from improving asset quality Macroeconomic backdrop to boost profitability -Moody’s (Recasts, adds Moody’s comments) SINGAPORE, May 7 (Reuters) - Singapore bank earnings show lenders on track to follow global peers bouncing back from a pandemic-hit year, beating estimates as economic recovery helps them reduce loan-loss provisions on top of strong wealth management business. On Friday, Oversea-Chinese Banking Corp, Singapore’s second-largest listed lender, more than doubled its quarterly profit, rounding up a strong showing by DBS Group and United Overseas Bank. “We expect that the recovering macroeconomic environment will result in further improvements in the profitability of large Singaporean banks in 2021, supporting their very high Aa1 credit ratings,” said Eugene Tarzimanov, a senior credit officer at Moody’s Investors Service.

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DBS Q1 profit surges 72% to record S$2 billion, flags strong growth

DBS Q1 profit surges 72% to record S$2 billion, flags strong growth Toggle share menu Advertisement DBS Q1 profit surges 72% to record S$2 billion, flags strong growth Workers on gondola clean the glass panels of the DBS building in Singapore on August 5, 2015. (File photo: AFP/Roslan Rahman) 30 Apr 2021 09:22AM (Updated: 30 Apr 2021 09:30AM) Share this content Bookmark SINGAPORE: DBS Group trumped market estimates with a 72 per cent rise in quarterly net profit to a record high, as the bank benefited from strong loan growth, improved asset quality and a robust wealth management business. DBS, Southeast Asia s largest bank, flagged bullish prospects in a recovering global economy and said its new non-performing assets formation was below pre-pandemic levels.

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