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Hot stocks: Local bank stocks climb amid results
SHARES of the three local banks rallied Tuesday morning after two of them reported results for the quarter ended March.
UOB climbed the most in percentage terms, rising 3.3 per cent or 71 Singapore cents to S$22.51 on 3.8 million shares traded as at 11.26am. DBS was next, rising 2.2 per cent or 43 Singapore cent, to S$19.78 with 5.1 million shares changing hands. OCBC was up 1.8 per cent, or 18 Singapore cents, to S$9.98 on 4.1 million shares traded within the same timeframe.
UOB's results released Friday last week beat analysts' expectations, with Q1 net profit up 5.4 per cent from the previous year to S$807 million.
DBS put out its Q1 earnings Tuesday morning, posting a 1 per cent expansion in net profit to a record S$1.21 billion for the three months ended March 31. OCBC will report its first quarter results on May 9.