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2021-08-04

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Singapore’s Top Banks Boost Dividends as Profit Beats Estimates

Two of Singapore’s largest lenders will increase dividend payouts after profit in the second quarter

Singapore’s Top Banks Boost Dividends as Profit Beats Estimates

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Both sets of results beat analyst expectations.</p>\n<p>Shares in Singapore banks have rallied this year, beating the Bloomberg Asia-Pacific Banks Index, reflecting optimism that lenders are emerging from the country’s worst economic contraction in decades.</p>\n<p>Regulators in the city state and beyond are taking the shackles off rules that required banks to keep money aside when the pandemic engulfed the globe last year, allowing them to hand cash back to shareholders. The Monetary Authority of Singapore recently&nbsp;lifted&nbsp;a cap imposed last year that restricted dividend payouts at 60% of 2019 levels.</p>\n<p><a href=\"https://laohu8.com/S/U10.SI\">UOB-KAY HIAN HOLDINGS LIMITED</a>’s profit was helped by a gain in lending income and fees from businesses including wealth, while provisions for potential loan losses fell 54%. OCBC’s income was mainly helped by a 69% drop in provisions.</p>\n<p>Policy makers expect Singapore’s economy to grow at least 4%-6% this year, though arevision</p>\n<p>“With countries speeding up their vaccination drive, we are optimistic that the</p>\n<p>situation will gradually pick up in Southeast Asia,” UOB Chief Executive Officer Wee Ee Cheong said in the statement, adding that asset quality is “resilient.”</p>\n<p><a href=\"https://laohu8.com/S/D05.SI\">DBS GROUP HOLDINGS LTD</a>, Southeast Asia’s largest bank, will report earnings Thursday.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore’s Top Banks Boost Dividends as Profit Beats Estimates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Both sets of results beat analyst expectations.\nShares in Singapore banks have rallied this year, beating the Bloomberg Asia-Pacific Banks Index, reflecting optimism that lenders are emerging from the country’s worst economic contraction in decades.\nRegulators in the city state and beyond are taking the shackles off rules that required banks to keep money aside when the pandemic engulfed the globe last year, allowing them to hand cash back to shareholders. The Monetary Authority of Singapore recently lifted a cap imposed last year that restricted dividend payouts at 60% of 2019 levels.\nUOB-KAY HIAN HOLDINGS LIMITED’s profit was helped by a gain in lending income and fees from businesses including wealth, while provisions for potential loan losses fell 54%. OCBC’s income was mainly helped by a 69% drop in provisions.\nPolicy makers expect Singapore’s economy to grow at least 4%-6% this year, though arevision\n“With countries speeding up their vaccination drive, we are optimistic that the\nsituation will gradually pick up in Southeast Asia,” UOB Chief Executive Officer Wee Ee Cheong said in the statement, adding that asset quality is “resilient.”\nDBS GROUP HOLDINGS LTD, Southeast Asia’s largest bank, will report earnings Thursday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":111,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}