S'pore banks strike cautious note on inflation, other headwinds as Q1 earnings slip

The banks' chiefs struck a cautious note on headwinds like inflation, which could dampen consumer demand. PHOTOS: ST FILE, KUA CHEE SIONG
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SINGAPORE - Singapore's three local lenders all reported a 10 per cent year-on-year drop in first-quarter earnings on Friday (April 29) as rising interest rates were offset by a fall in fee and trading income amid weaker markets.

The banks' chiefs struck a cautious note on headwinds like inflation, which could dampen consumer demand, and market volatility weighing on investor sentiment.

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