Singapore banks to report weaker Q1 earnings amid market volatility and lower risk appetites
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SINGAPORE banks are expected to report weaker first quarter earnings from a year ago, as wealth and treasury income are weighed down by investors’ risk-off sentiment amid market volatility.
Analysts forecast that profits will come off by 15 per cent to 20 per cent across the sector from record earnings in Q1 2021, when the trio of lenders had benefited from robust wealth management fees and lower provisions.
On Apr 29, Singapore’s 3 listed banks – DBS, OCBC and UOB – are expected to report their earnings for the quarter ended Mar 31.
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