Singapore's top banks are reporting earnings this week. Here's what to expect

  • 📰 CNBC
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 72%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Oversea-Chinese Banking Corp and United Overseas Bank will report second-quarter earnings on Wednesday, while DBS Group Holdings will do so on Thursday.

The earnings reports come as Singapore reports a renewed increase in daily Covid-19 infections. Stricter social-distancing measures imposed in early-May led to ain the second quarter compared to the previous three months, according to official advance estimates.

Given the continued threat of Covid — particularly the delta variant — on the economy, Singapore banks would likely keep provisions that they have set aside for potential loan losses, analysts said. "We do not believe banks will write back general provisions amidst the uncertain macroeconomic outlook," said Rui Wen Lim, an equity analyst at DBS Group Research.

Some banks in the U.S. and Europe have started releasing provisions in the second quarter, which helped boost their profitability.Shares of all three Singapore-listed banks have recorded double-digit gains this year as the global economic rebound from a pandemic-induced recession led investors favor to "cyclical" stocks.OCBC shares have risen 22.3% this year as of Monday — the largest gains among the banking trio. DBS and UOB have jumped by 21.3% and 15.7%, respectively.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

Michael Burry Warns Retail Traders About the 'Mother of All Crashes'

this is terrible news

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 12. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Why travel stocks could deliver some of this week's most important earnings reportsMarriott's results could indicate how the Covid-19 delta variant could impact reopening trades, says Piper Sandler's Craig Johnson.
Källa: CNBC - 🏆 12. / 72 Läs mer »

These companies reporting earnings tend to miss expectations and see their shares slideCNBC PRO analyzed earnings data from Bespoke Investment Group to identify stocks reporting earnings that tend to miss Wall Street’s estimates and fall.
Källa: CNBC - 🏆 12. / 72 Läs mer »