THESE are not the best of times for banks, but DBS Group Holdings can at least claim that it has emerged as the most resilient of the three local players this week.
On many criteria - from share price to valuation - it held up best when all three filed their first-quarter results.
While they all delivered [...]
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I REFER to yesterday’s article, ‘Two more slow quarters for OCBC ahead, says CEO’.
Our CEO, Mr David Conner, was responding to a journalist’s request for his views on how long the downturn in the US economy would last.
Mr Conner’s reply was that the US had experienced two quarters of fairly low growth and it was [...]
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DOGGED by a multitude of problems stemming from the sub-prime mortgage crisis in the US, banks here are not having it easy. Nor will it become easier as the year progresses. Last year saw them dogged by writedowns on their holdings in collateralised debt obligations (CDOs). Yes, they suffered from provisions made on their CDO [...]
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Trading losses drag down income, but earnings still better than expected
DBS Group’s first-quarter net profit dipped 2 per cent to $603 million from a year earlier, dragged down by trading losses amid financial market volatility, the bank said yesterday.
The lower net profit for the quarter was still better than analysts had expected. Net interest income [...]
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THE volatility in the financial markets has taken its toll on local bank earnings, with OCBC Bank yesterday reporting a 4 per cent drop in first-quarter net profit to $622 million despite higher divestment gains. The earnings beat analysts’ expectations, however.
OCBC’s results for the three months to March 31 were hit by a plunge in [...]
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Bank’s first-quarter net profit falls 4% to $622m, but still beats analysts’ estimates
OCBC Bank has now suffered two straight quarters of sliding profits and may well have to endure more tough times ahead, the bank’s chief executive, Mr David Conner, warned yesterday.
‘We’ve had two quarters of very low growth. Can it happen for two more [...]
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Two Singapore banks on Wednesday reported falls in first-quarter net profit as trading activities took a hit from global financial turmoil.
DBS Group, Southeast Asia’s biggest bank, said its net profit in the first quarter ended March 31 dipped 2.0 percent to S$603 million (US$446 million) compared with the previous year.
Singapore’s smallest bank, Oversea-Chinese Banking Corp [...]
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DBS Group, South-east Asia’s biggest bank by assets, posted a smaller-than-expected two per cent drop in quarterly profit after strong loan growth helped to ease credit-related writedowns.
Analysts warned that more difficulties lie ahead in the second half when a looming United States recession catches up with Asia’s robust economies, putting a brake on earnings momentum.
DBS [...]
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FOR many investors, United Overseas Bank’s (UOB’s) first-quarter results yesterday provided further proof that the worst effects of the global credit crunch might be over for Singapore banks.
On one hand, UOB’s first-quarter earnings of $529 million disappointed analysts, who had estimated that it would report a profit of as much as $538.5 million.
On the other [...]
Filed under: Finance, General, Global Economy, Singapore Economy | Tagged: Credit Crisis, DBS, OCBC, Singapore Banks, Subprime Effects, UOB | No Comments »
Prime Minister Lee Hsien Loong said Singapore will continue to develop the financial sector as more activities are being moved to the city-state.
Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space [...]
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