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Loans growth lifts Q4 profits at S'pore banks

DBS, OCBC, UOB see strong business momentum, healthy asset quality, and shrug off QE tapering concerns

Singapore

SINGAPORE's three local banks reported robust Q4 earnings, boosted by strong loans growth and broad-based gains in non-interest income.

All three which posted results yesterday said business momentum remains strong, asset quality is healthy and tapering concerns leading to higher interest rates were not likely to hit earnings given the tight employment situation here.

"The QE tapering in the US signals a recovering economy which bodes well for this part of the world," said United Overseas Bank chief executive Wee Ee Cheong.

"The near-term impact of capital outflows should be manageable given the stronger balance sheets in Asia. Despite recent uncertainties in a few countries, we remain...

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