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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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