The next chapter for Singapore’s banks: From resilience to growth
They are moving from defending earnings to a more supportive phase of wealth-led growth and stabilising margins
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A record first half – but not all the growth was equal
SINGAPORE’S three local banks delivered a strong first half, with DBS and OCBC posting record net profit of respectively, S$6.01 billion and S$4.19 billion, up 5 per cent and 13 per cent. UOB’s net profit rose 3 per cent to S$2.92 billion.
But the headline numbers do not tell the full story. DBS and OCBC saw stronger growth across their core businesses, with higher fee and other non-interest income helping to offset the impact of lower interest rates on lending income.
In contrast, UOB’s profit growth was less reflective of underlying business momentum. Its total income fell 1 per cent, while profit growth was supported by lower provisions, higher contributions from associates and gains from asset sales.
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