Singapore banks resilient despite O&G headwinds: Fitch

Singapore

SINGAPORE banks' credit profiles should remain resilient despite the weaker operating environment, says Fitch Ratings.

In an Aug 9 commentary, the rating agency said that the second-quarter results of the three local banking groups - DBS Group, United Overseas Bank (UOB Bank) and Oversea-Chinese Banking Corporation (OCBC) - showed pressure on profitability and asset quality.

But "the banks have sufficiently strong loss-absorption buffers to withstand rising, cyclical global ris…