SINGAPORE : Singapore\u0027s DBS Group Holdings flagged strong loan growth and weaker credit costs after posting a 37 per cent jump in quarterly net profit, as Southeast Asia\u0027s largest lender benefited from a rebound in its mainstay home market. The bank joined local peers OCBC and United Overseas Bank in beati
SINGAPORE : Singapore's DBS Group Holdings flagged strong loan growth and weaker credit costs after posting a 37 per cent jump in quarterly net profit, as Southeast Asia's largest lender benefited from a rebound in its mainstay home market.
"Overall numbers were ok considering net interest margins have fallen over 40 basis points from pre-COVID levels as rates fell, with the fee side largely expected," said Kevin Kwek, a senior analyst at Stanford C. Bernstein, commenting on DBS. Global banks HSBC and Standard Chartered have also reduced credit losses in a global economic recovery after booking huge provisions last year in the face of the coronavirus pandemic.
As Singapore's economy rebounds from its worst-ever recession, demand for home mortgages and loans has improved, while booming markets have bolstered banks' wealth management businesses. This has helped cushion the impact of weak net interest margins in a low interest rate environment.
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