RETAIL BANKING | Staff Reporter, Singapore

Singapore banks' margins boosted by Fed, Hong Kong rates

UOB will benefit the most from stronger margins.

According to a report from Bloomberg, Singapore’s big banks probably boosted interest margins in the third quarter, thanks in part to the Federal Reserve.

"Two rate hikes by the Fed earlier this year lifted borrowing rates in Singapore and in Hong Kong, likely increasing net interest income for DBS Group Holdings Ltd. and its two largest rivals in the July-September period. That, coupled with growth in their wealth businesses, is expected to help Southeast Asia’s largest lenders post an average net income gain of almost 7 percent from a year earlier, according to analysts surveyed by Bloomberg News," the report said.

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