Singapore banks wrap up 2022 with record earnings, still positive on outlook for 2023

THE trio of Singapore banks wrapped up 2022 with record results, as they continued to post strong earnings in the fourth quarter of the year on the back of higher net interest income.

The chief executives of the respective banks remained cautiously optimistic of their FY2023 performance, as they expect interest rates will largely remain elevated and continue to boost their net interest margins (NIM), although they warned of costs catching up.

Eugene Tarzimanov, vice-president – senior credit officer at Moody’s Investors Service, expects the three banks will further improve their profitability in 2023 after ending 2022 on a solid note.