Singapore banks see hefty provisions yank down Q1 earnings

SINGAPORE banks posted lower earnings in the first quarter after fattening their provisions to cushion against economic stresses brought on by the virus outbreak, as well as against some of their oil-and-gas exposure. 

As it is, Q1 is likely just a small glimpse of the pain to come, with banks likely to see flattish growth at best for the rest of the year and having to take further impairments down the line. 

That being said, various relief measures at a time of extraordinary fiscal support have muddied the timeline for when the full brunt of crisis-driven credit costs would hit.