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Fed's rate cut thrusts Singapore banks into thicker fog

The banks' estimates of a 1-2% hit from the virus outbreak - provided it ends by mid-year - likely need to be revised, say analysts

DBS is expected to take the biggest hit at a projected 8 per cent cut to profits and dividends, Citi said. It also cut its earnings and dividend estimates by 4 to 5 per cent for OCBC, and 5 per cent for UOB.


THE surprise rate cut by the US Federal Reserve overnight has only added to the skittishness about the strength of economic growth ahead, and with that, banks here have become enveloped in further uncertainty.

As it is, Singapore banks had warned last month of a revenue...

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