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Top two Singapore lenders report 10% decline in quarterly profits

Top Singapore lenders DBS Group and OCBC have reported 10% drop in quarterly profits amid weaker economic growth. Net profit at DBS fell to SGD1.8bn (USD1.30bn) in January-March from a record SGD2bn a year earlier. The net profit was above an average estimate of SGD1.63bn from six analysts. Second-ranked OCBC posted a first-quarter net profit of SGD1.36bn, down from SGD1.5bn a year earlier. Both banks have built up some of the biggest wealth management businesses in Asia over the past decade. At DBS, wealth management fees fell 21% in the quarter, while wealth management income at OCBC dropped 26%. Singapore banks last year benefited from a strong recovery in formerly pandemic-hit markets and from an economic growth of 7.6%. This year the central bank expects only 3% to 5% growth.

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