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Strong start to 2023 for DBS, OCBC and UOB but outlook dimmed by asset quality risks, funding costs
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Singapore’s three local banks set aside more general allowances in the first quarter for potential bad loans.
ST PHOTO: KUA CHEE SIONG
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SINGAPORE – Singapore’s three local banks have started the year strongly with earnings boosted by higher interest rates, but they will have to contend with an environment of heightened global uncertainty.
DBS Bank and OCBC Bank posted record quarterly net profits for the first quarter, while UOB racked up earnings that hit a new high once one-off expenses related to its acquisition of Citigroup’s regional consumer units were excluded.
