The rating agency says banks’ earnings had declined significantly in the second quarter.
The average pre-tax return on assets and return on equity of eight selected local banks fell to an annualised 0.7% and 6.8% respectively in the same period. In addition, the recently announced targeted extension of the loan moratorium beyond September for selected borrowers will also trigger another round of modification losses, although to a much smaller degree, Wong added.
“Despite the still benign GIL ratio, banks have been proactively building up their provisions in anticipation of heightened defaults next year.
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