Friday, 07 Aug 2020 03:56 PM MYT
The profit beat market estimates and rose from the preceding quarter, sending its shares up two per cent yesterday. Singapore’s bank shares have been pummelled recently following a capping of their dividends last week by the central bank. Investors are keen to see if the June quarter marked the trough for banks’ net interest margins, a key measure of profitability, and whether lenders can effectively tackle loan losses in recession-hit economies.
The profit was above the first-quarter’s S$1.16 billion, while loan loss allowances declined quarter on quarter. “Overall, we are not seeing anything in the outlook which causes us to re-think the assessments we made three months ago,” he told reporters.
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