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OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose to a record S$1.88 billion ($1.42 billion) from S$1.36 billion a year earlier. The bank reported a total net interest margin, a key gauge of profitability, of 2.30% for the first quarter, up from 1.55% in the same period a year earlier. OCBC expected full-year net interest margin in the region of 2.2%. The first quarter was also strong for Singapore's other major banks, with larger peer DBS Group (DBSM.SI) reporting last week a 43% jump in first quarter net profit that was also a record. Smaller United Overseas Bank (UOBH.SI) posted last month a 74% surge in core net profit.

DBS, which is also Southeast Asia's largest lender by assets, said January-March net profit rose to S$2.57 billion ($1.92 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. Return on equity rose to a new high of 18.6% in the first quarter from 13.1% the same quarter a year earlier, according to its financial statement. Smaller peer United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core net profit in the first quarter from a year earlier on the back of strong net interest and non- interest income growth. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter. ($1 = 1.3362 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to S$2.57 billion ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gauge of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter.

☆ Singapore lender UOB's Q1 core profit leaps 74% to record $1.2 bln
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 27 (Reuters) - Singapore's United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth. The lender's core profit, which excludes one-off expenses, rose to a record S$1.58 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. Net profit in the first quarter climbed 67% to $1.51 billion. "We delivered record profits this quarter backed by our core businesses and diversified growth drivers," Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement. ($1 = 1.3348 Singapore dollars)(This story has been corrected to clarify core net profit is up 74%, not net profit, and adds definition of core net profit)Reporting by Yantoultra Ngui; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Self-driving startup Venti raises $28.8 mln to speed up growth
▼ + stars: | 2023-03-28 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters) - Self-driving startup Venti Technologies said on Tuesday it has raised $28.8 million in Series A funding to speed up the growth of its autonomous vehicle (AV) business for customers the logistics and supply chain industry. Investors in the funding round included LG Technology Ventures, the venture capital arm of LG Corp (003550.KS) unit LG Group, and UOB Venture Management, the venture capital arm of Singapore's United Overseas Bank. Venti has been developing its self-driving for vehicles for the last three years at one of the world's largest container ports in Singapore and is already generating revenue. This year the company will deploy dozens of entirely self-driving vehicles, CEO Heidi Wyle told Reuters. Developing fully self-driving vehicles that can go everywhere has proven harder and more expensive than expected, but investors are continuing to fund startups that target simpler self-driving vehicle solutions far removed from pedestrians and other vehicles operated by humans.

☆ China keeps lending benchmarks unchanged in March, as expected
▼ + stars: | 2023-03-20 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

SHANGHAI (Reuters) - China kept its benchmark lending rates unchanged for the seventh straight month in March, as expected, with the economy already benefiting from policy actions taken last week as it recovers from the pandemic. On Monday, the one-year loan prime rate (LPR) was kept at 3.65%, while the five-year LPR was unchanged at 4.30%. (Graphic: China lending rates unchanged in March here)In a Reuters poll conducted last week, all 22 participants predicted no change to either loan prime rate. “The central bank’s RRR cut was more of an emergency response to prevent overseas banking crisis from spilling over to China,” Xing said. An RRR cut nonetheless also promotes economic growth, so economists thought that last week’s made an LPR cut less likely.

☆ China cuts reserve ratio given domestic pressures, overseas risks - state media
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, March 18 (Reuters) - China's central bank made a "timely" move by pumping liquidity into the banking system to respond to rising pressures in the domestic banking industry and growing risks abroad, a state-owned Chinese newspaper said on Saturday. The central bank on Friday reduced the amount of cash banks must hold as reserves for the first time this year to support a nascent recovery in the world's second-biggest economy. The early release of liquidity will also help prepare for the next stage of demand expansion, it said. "Currently the risks in the overseas banking industry are increasing and the external environment is becoming more and more complicated," the newspaper said. Global markets this week have been hit by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank and uncertainty over Credit Suisse Group AG (CSGN.S), which tapped $54 billion in central bank funding.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio, by 25 basis points from March 27. "In the first two months of this year, China's main economic indicators showed a positive trend, but the overall recovery foundation is not yet solid." The central bank has yet to give an estimate of how much long-term liquidity will be released following the cut, which will allow banks to lend out more funds. The weighted average RRR for financial institutions stood at around 7.6% after the cut, the central bank said. China's economic activity picked up in the first two months of 2023 as consumption and infrastructure investment drove a recovery from COVID-19 disruptions.

☆ Nigeria launches $672 million tech fund for young investors
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

LAGOS, March 14 (Reuters) - Nigeria launched a $672 million fund on Tuesday to support tech and creative sectors for young investors who struggle to raise capital in Africa's largest economy. So far only Chipper Cash, a cross border payments startup, has said it had $1 million in SVB. Vice President Yemi Osinbajo launched the $672 million fund under the Digital and Creative Enterprises Programme (DCEP) in the federal capital Abuja, the presidency said in a statement. African Development Bank will put in $170 million, $116 million will come from Agence Francaise de Developpement and another $70 million from Islamic Development Bank, the presidency said. The government through Bank of Industry Nigeria will release $45 million while the private sector pledged $271 million.

☆ As global stocks fall, Asia-Pacific's benchmark index erases all of its gains for 2023
▼ + stars: | 2023-03-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

On Tuesday, bank stocks in Japan declined sharply, weighing on the wider Topix, which led the sell-off in Asia-Pacific. Tokyo-listed shares of Mitsubishi UFJ Financial Group fell 8.59%, Sumitomo Mitsui Financial Group shed 7.57% and Mizuho Financial Group dropped 7.14%. Yeap also noted indexes such as the Straits Times Index in Singapore has close to 45% of its weightage in bank stocks. Stock Chart Icon Stock chart iconNomura equity strategists including Chetan Seth reiterated their February call and still expect more gains for the index. "We are inclined to believe that these issues will not be systemic to the health of the banking sector," he said.

☆ UOB completes deal for Citi's Vietnam consumer banking business
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 1 (Reuters) - Citigroup (C.N) said on Wednesday that it had completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore's United Overseas Bank in a transaction expected to result in a "modest regulatory capital benefit". United Overseas Bank (UOBH.SI), commonly known as UOB, said in a separate statement that it planned to complete the acquisition of Citigroup's Indonesian consumer banking business by the end of 2023. The lender announced in November the completion of its purchase of Citigroup's Malaysia and Thailand retail banking businesses. UOB's purchase of Citigroup's consumer businesses in the four Southeast Asian markets for about S$5 billion ($3.71 billion) marks its biggest acquisition in two decades. ($1 = 1.3476 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ India, Singapore launch real-time link for cross-border payments
▼ + stars: | 2023-02-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 21 (Reuters) - India and Singapore launched on Tuesday a real-time link to facilitate easier cross border money transfers between one of the world's biggest recipients of remittances and an Asian financial powerhouse. Transfers of funds will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's PayNow facility. UPI is an instant real-time payments system, allowing users to transfer money across multiple banks without disclosing bank account details. To begin with, State Bank of India (SBI.NS), Indian Overseas Bank (IOBK.NS), Indian Bank (INBA.NS) and ICICI Bank (ICBK.NS) will facilitate both inward and outward remittances while Axis Bank (AXBK.NS) and DBS India will facilitate inward remittances, the Reserve Bank of India (RBI) said in a statement. At the launch event, Singapore's Prime Minister Lee Hsien Loong said that cross-border retail payments and remittances between India and Singapore currently amount to over $1 billion annually.

☆ The dollar-yuan may stay below 7 for 'a while longer,' says UOB
▼ + stars: | 2022-12-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe dollar-yuan may stay below 7 for 'a while longer,' says UOBPeter Chia of the United Overseas Bank discusses why the Chinese yuan did not show any weakness following weak economic data.

☆ Pay attention to upcoming Fed meetings, says UOB
▼ + stars: | 2022-11-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPay attention to upcoming Fed meetings, says UOBHeng Koon How of United Overseas Bank discusses the Reserve Bank of New Zealand's hawkish 75 basis point interest rate hike.

☆ Nasdaq halts IPOs of small Chinese companies as it probes stock rallies
▼ + stars: | 2022-10-22 | by ( Echo Wang | ) www.reuters.com time to read: +5 min

The stock exchange operator's actions come amid a surge in the shares of Chinese companies that raise small amounts, typically $50 million or less, in their IPO. Nasdaq started asking the advisers of small Chinese IPO candidates questions in mid-September. Seven sources who work on IPOs of small Chinese companies spoke to Reuters on the condition that neither they nor their clients be identified. LOOPHOLESNasdaq's intervention underscores how liquidity standards it adopted in the last three years to prevent stock manipulation in small IPOs have loopholes that Chinese companies are exploiting. There have been 57 listings of small Chinese companies in the last five years, up from 17 listings in the prior five years, according to Dealogic.

Helen Wong, Group CEO of OCBC Bank poses for a portrait during an interview with Reuters in Singapore October 10, 2022. And while OCBC earned nearly half of its operating profit from Singapore, Greater China was the next-largest contributor, followed by Malaysia. She added that OCBC benefited from having both a brick-and-mortar and a strong digital footprint. This has increased attention on OCBC, which has the strongest capital position among Singapore banks. Sanford Bernstein analysts said in a report in June that OCBC had S$4.8 billion that could be used for acquisitions without the need to raise capital.

☆ The US dollar will find it hard to maintain its strength: UOB
▼ + stars: | 2019-12-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe US dollar will find it hard to maintain its strength: UOBAs risk appetite recovers and as the Chinese yuan and British pound recover, it will be "tougher" for the U.S. dollar to remain strong, says Heng Koon How of United Overseas Bank.

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