Rate hikes drive Singapore banks’ Q2 earnings; CEOs express cautious optimism for rest of 2022

SINGAPORE banking chiefs expect the sector and broader Asian markets to remain resilient for the rest of the year, although they foresee slower growth amid macroeconomic uncertainties.

The trio of Singapore banks saw their net profits jump and logged upward swings in net interest margins (NIMs) for the second quarter of 2022.

UOB’s net profit for the second quarter rose 11 per cent, OCBC’s rose 28 per cent, and DBS’ was up 7 per cent, compared with the year-ago period. Profits at OCBC and DBS came in ahead of analysts’ estimates, while UOB’s were in line with consensus forecasts.