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Singapore banks' average net profit growth hit 6% in the first nine months of 2017
Guess which bank had the highest income for the period.
According to the Singapore Exchange (SGX), for the first three quarters of 2017, the three Singapore banks have averaged 6% YoY growth in net profit.
Here's more from SGX:
DBS’ total income and profit before allowances for 9M17 were at new highs from broad-based growth in loan volumes and fee income, which more than offset the impact of softer Singapore-dollar interest rates and weaker trading income.
However, DBS’ higher third-quarter allowances resulted in a 5% decline in nine-month net profit to S$3.17 billion (US$2.4b). DBS’ net interest margin (NIM) for the 9MFY17 was unchanged YoY at 1.74%.
OCBC’s net profit after tax for its 9MFY17 at S$3.11 billion (US$2.3b) was 16% higher YoY. OCBC’s net interest margin (NIM) for the 9MFY17 saw a YoY decline of four basis points to 1.64%.
UOB registered net profit of S$2.54 billion (US$1.9b) for its 9MFY17, up 8% YoY. UOB’s NIM for its 9MFY17 improved by four basis points YoY to 1.76%.
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