– DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. shares rose as the lenders reported better-than-expected earnings, with United Overseas Bank Ltd. falling as it missed forecasts.
First quarter profit at the three Singapore banks all dropped about 10%, amid market volatility and ongoing concerns over inflation and supply disruptions. The banks’ results come as global lenders grapple with fallouts from the Russia-Ukraine war and market swings linked to U.S. monetary policy tightening. Slower growth, higher inflation and supply chain disruptions are key risks to watch amid lingering uncertainty over the pandemic, DBS’ Chief Executive Officer Piyush Gupta said in a statement on Friday.
DBS’ portfolio remains resilient as stress tests of vulnerable sectors and countries reveal no imminent areas of concern, according to Gupta. There’s also no material impact from China’s lockdown, he added.
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