Guess which bank had the highest income for the period.
According to the Singapore Exchange, for the first three quarters of 2017, the three Singapore banks have averaged 6% YoY growth in net profit.
Here's more from SGX:
DBS’ total income and profit before allowances for 9M17 were at new highs from broad-based growth in loan volumes and fee income, which more than offset the impact of softer Singapore-dollar interest rates and weaker trading income.
However, DBS’ higher third-quarter allowances resulted in a 5% decline in nine-month net profit to S$3.17 billion (US$2.4b). DBS’ net interest margin (NIM) for the 9MFY17 was unchanged YoY at 1.74%.
OCBC’s net profit after tax for its 9MFY17 at S$3.11 billion (US$2.3b) was 16% higher YoY. OCBC’s net interest margin (NIM) for the 9MFY17 saw a YoY decline of four basis points to 1.64%.
UOB registered net profit of S$2.54 billion (US$1.9b) for its 9MFY17, up 8% YoY. UOB’s NIM for its 9MFY17 improved by four basis points YoY to 1.76%.
Do you know more about this story? Contact us anonymously through this link.