Banks should thank economy for their quarterly showing
THE three local banks predictably posted reasonable results for their core businesses in the third quarter of the year. After all, rising economic activity has fanned consumer sentiment, leading to a greater appetite for loans and financial products like insurance.
The economy's recovery is gathering pace, with growth rates accelerating over two straight quarters - thanks largely to a sustained increase in global electronics demand, the Monetary Authority of Singapore (MAS) said last month in its latest macroeconomic review.
In Asia, the trade upswing since late 2016 has led to a pick-up in manufacturing activity and a rise in incomes, which should filter through to stronger domestic spending.
OCBC Bank chief Samuel Tsien said at the bank's Q3 results briefing: "Singapore, as we all know is a hub economy. So, in the event that the regional countries around Singapore have got more economic activities, Singapore's loan demand will increase."…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Singapore shares open higher on Friday; STI up 0.2%
TSMC estimates losses of US$92.4 million due to Taiwan earthquake
Singapore loses ‘world’s best airport’ crown to Qatar
Higher gross rental income, lower expenses boost CICT’s Q1 NPI by 6.3% to S$293.7 million
Stocks to watch: CICT, Seatrium, Keppel DC Reit, UOB