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UncleRango
2022-04-30

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Singapore Banks DBS, OCBC Post 10% Falls in Q1 Profits

April 29 (Reuters) - Singapore lenders DBS Group and OCBC both reported 10% declines in their quar

Singapore Banks DBS, OCBC Post 10% Falls in Q1 Profits

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DBS Chief Executive Piyush Gupta, said in a statement on Friday.</p><p>&#34;While some activities such as wealth management will be affected, our overall business pipeline continues to be healthy,&#34; he said, adding that DBS would benefit significantly from interest rate increases in the coming quarters.</p><p>Net profit at DBS, Southeast Asia&#39;s biggest bank, fell to S$1.8 billion ($1.30 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.</p><p>Singapore banks face a tough comparison after reporting record profits a year earlier when they benefited from a strong recovery from pandemic-hit markets.</p><p>Second-ranked OCBC posted a first-quarter profit of S$1.36 billion, down from S$1.5 billion a year earlier, but this also came above an average estimate of S$1.2 billion from six analysts, according to Refinitiv data.</p><p>OCBC counts Singapore, Greater China and Malaysia, among its key markets, while DBS earns most of its profit from Singapore and Hong Kong.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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DBS Chief Executive Piyush Gupta, said in a statement on Friday.</p><p>&#34;While some activities such as wealth management will be affected, our overall business pipeline continues to be healthy,&#34; he said, adding that DBS would benefit significantly from interest rate increases in the coming quarters.</p><p>Net profit at DBS, Southeast Asia&#39;s biggest bank, fell to S$1.8 billion ($1.30 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.</p><p>Singapore banks face a tough comparison after reporting record profits a year earlier when they benefited from a strong recovery from pandemic-hit markets.</p><p>Second-ranked OCBC posted a first-quarter profit of S$1.36 billion, down from S$1.5 billion a year earlier, but this also came above an average estimate of S$1.2 billion from six analysts, according to Refinitiv data.</p><p>OCBC counts Singapore, Greater China and Malaysia, among its key markets, while DBS earns most of its profit from Singapore and Hong Kong.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"O39.SI":"华侨银行","STI.SI":"富时新加坡海峡指数","D05.SI":"星展集团控股"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2231447305","content_text":"April 29 (Reuters) - Singapore lenders DBS Group  and OCBC  both reported 10% declines in their quarterly profits from record performances a year ago, with their wealth management businesses hit by weaker markets.\"Geopolitical developments in recent weeks have created macroeconomic headwinds and financial market volatility,\" DBS Chief Executive Piyush Gupta, said in a statement on Friday.\"While some activities such as wealth management will be affected, our overall business pipeline continues to be healthy,\" he said, adding that DBS would benefit significantly from interest rate increases in the coming quarters.Net profit at DBS, Southeast Asia's biggest bank, fell to S$1.8 billion ($1.30 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.Singapore banks face a tough comparison after reporting record profits a year earlier when they benefited from a strong recovery from pandemic-hit markets.Second-ranked OCBC posted a first-quarter profit of S$1.36 billion, down from S$1.5 billion a year earlier, but this also came above an average estimate of S$1.2 billion from six analysts, according to Refinitiv data.OCBC counts Singapore, Greater China and Malaysia, among its key markets, while DBS earns most of its profit from Singapore and Hong Kong.","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}