O&G impairment charges will curb S'pore bank profits
Profitability also under pressure from weakening domestic economy and slump in Sibor to one-year low
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SINGAPORE'S three largest banks are poised to report higher impairment charges for loans to the struggling oil-and-gas (O&G) industry and weaker interest margins when they post third-quarter earnings in the next few days.
DBS Group Holdings Ltd is expected to lead the increase in impairment charges of S$255 million for the period - a 43 per cent jump from a year earlier, according to Goldman Sachs Group Inc. DBS, Singapore's largest bank by assets, and Oversea-Chinese Banking Corp (OCBC) will probably report a second consecutive quarterly profit decline, while United Overseas Bank Ltd (UOB) may post a 10 per cent drop, analyst estimates compiled by Bloomberg News show.
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