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☆ Singapore's DBS profit jumps two-thirds, CEO sees rate rises moderating
  + stars: | 2023-02-12 | by ( Anshuman Daga | ) www.reuters.com   time to read: +3 min
DBS Chief Executive Piyush Gupta said in the bank's results statement that interest rate increases are likely to moderate, but he doesn't expect rate cuts this year. We expect confidence to return to markets in the coming year as interest rate increases ease and China reopens," Gupta said. DBS reported a total net interest margin, a key gauge of profitability, of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier. DBS' annual profit soared 20% to a record S$8.2 billion. Smaller peers OCBC (OCBC.SI) and UOB (OCBC.SI), which report results next week, are also expected to post a sharp rise in annual profits, but quarter-on-quarter earnings are seen as being flat to slightly lower.
☆ Instant View: China's economy slows sharply in Q4, 2022 growth one of the worst on record
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +10 min
As a result, the Chinese economic growth rate will be below the Chinese government's target of 5% plus." This could weigh on their potential economic growth in the mid-and long-term, and we really need to be paying attention to that." MARCO SUN, CHIEF FINANCIAL MARKET ANALYST, MUFG BANK (CHINA), SHANGHAI"China's Q4 and full-year 2022 GDP growth rates came in higher than expected. Economic growth will have to depend more on productivity growth, which is driven by government policies." IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG"The biggest surprise is the retail sales number, which is really a big beat...
☆ Inflation in Singapore will probably stay high in the first few quarters of 2023, UOB says
  + stars: | 2022-12-30 | 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 EmailInflation in Singapore will probably stay high in the first few quarters of 2023, UOB saysAlvin Liew of the bank discusses the "few things at play," including the country's tight labor market.
☆ 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.
☆ Thai central bank to deliver third straight 25bps hike on Nov. 30
  + stars: | 2022-11-28 | by ( Anant Chandak | ) www.reuters.com   time to read: +3 min
"Negative real interest rates will continue to favour the Thai economic recovery as it diverges away from an ultra-tight monetary policy elsewhere in the world, most notably in the U.S. and Europe." Despite the wide interest rate gap, the baht has been one of the top performers in emerging market currencies, depreciating only about 7% so far this year. The government wants tourism next year to reach 80% of its pre-pandemic levels, even as global growth is likely to slow. "We expect Thai international tourism arrivals to be resilient to the global economic slowdown, with arrivals showing low sensitivity to global economic activity fluctuations historically," said Chua Han Teng, economist at DBS. Reporting and Polling by Anant Chandak; Editing by Ross Finley and Christina FincherOur Standards: The Thomson Reuters Trust Principles.
☆ 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.
☆ Philippine central bank to raise rates by 75 bps- Reuters poll
  + stars: | 2022-11-15 | by ( Shaloo Shrivastava | ) www.reuters.com   time to read: +2 min
The BSP has already raised its key rate by a total of 225 basis points since May. Three-quarters of respondents, 12 of 16, forecast a 50 basis point rise in December to 5.50%. Six of 16 expected a 50 basis point hike, five expected a 25 basis point move while five others did not expect any move after December. The median forecast shows a higher terminal rate of 5.75% by end-Q1, compared with expectations of 5.00% by end-December in a September poll. Four big banks, Goldman Sachs, Nomura, DBS and UOB, estimated a terminal rate as high as 6.00% while HSBC predicted 6.25%.
☆ OCBC profit surges 31% in record quarter for Singapore banks
  + stars: | 2022-11-04 | by ( Anshuman Daga | ) www.reuters.com   time to read: +2 min
"Net interest income grew on higher net interest margin and loan growth was sustained," Group CEO Helen Wong said in a statement, adding that asset quality was healthy, with no indication of systemic stress. OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, OCBC's larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group (UOBH.SI) also posted a record quarterly profit. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter. ($1 = 1.4214 Singapore dollars)Reporting by Anshuman Daga; Editing by Christopher Cushing and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.
☆ OCBC profit jumps 31%, rounding up record quarter for Singapore banks
  + stars: | 2022-11-04 | by ( ) www.cnbc.com   time to read: +2 min
In this article OCBC-SG Follow your favorite stocks CREATE FREE ACCOUNTThe signage of Oversea-Chinese Banking Corp. (OCBC) at OCBC Centre in Singapore, on Wednesday, Aug. 3, 2022. Edwin Koo | Bloomberg | Getty ImagesSoutheast Asia's second-largest lender Oversea-Chinese Banking Corp (OCBC) joined its Singapore peers in beating market estimates and pumping out record quarterly profits as banks rake it in on higher interest rates. But analysts say growth could be derailed by a big increase in U.S. interest rates — already at multi-year highs — as central banks try and tackle runaway inflation. watch nowOCBC said on Friday its net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, the bank's larger peer DBS Group reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group also posted a record quarterly profit.
☆ DBS profit jumps 32% to record on rates, flags upbeat outlook
  + stars: | 2022-11-03 | by ( ) www.cnbc.com   time to read: +1 min
DBS Group reported a forecast-beating 32% jump in quarterly profit to a record high and gave a bullish outlook on Thursday as higher interest rates boosted net interest margins at Southeast Asia's largest lender. Banks globally have benefited from a jump in net interest income as central banks hike rates to tackle soaring inflation, although analysts warn they could suffer if higher rates lead to a sharp slowdown in economic activity. Local peer UOB Group beat market estimates last week with a record quarterly net profit as net interest income swelled and credit allowances declined. Net profit at Singapore-based DBS came in at S$2.24 billion ($1.58 billion) in July-September, beating an average estimate of S$1.97 billion from four analysts, according to Refinitiv data. The bank saw sustained business momentum in the quarter and asset quality was resilient, DBS CEO Piyush Gupta said in a statement.
☆ Singapore bank OCBC's Q3 profit surges to record on rates
  + stars: | 2022-11-03 | by ( Anshuman Daga | ) www.reuters.com   time to read: +1 min
The results rounded up a strong showing by Singapore banks after larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high and UOB Group (UOBH.SI) also posted a record quarterly profit. Singapore banks, which boast one of the strongest capital buffers in the world, have effectively weathered the COVID-19-induced slump and are now benefiting from rebounding Asian economies. Singapore-based OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. "Net interest income grew on higher net interest margin and loan growth was sustained," Group Chief Executive Helen Wong said in a statement on Friday. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter.
☆ DBS profit soars 32% to a quarterly record on rising interest rates
  + stars: | 2022-11-02 | by ( ) www.reuters.com   time to read: +1 min
SINGAPORE, Nov 3 (Reuters) - DBS Group (DBSM.SI) on Thursday reported a forecast-beating 32% jump in quarterly profit to a record high and forecast a bullish outlook, as higher interest rates boosted net interest margins at Southeast Asia's largest lender. Net profit at DBS came in at S$2.24 billion ($1.58 billion) in July-September, beating an average estimate of S$1.97 billion from four analysts, according to Refinitiv data. The bank's return on equity rose to a record 16.3% and net interest income surged 44%. Its net interest margin, a key profitability gauge, improved to 1.90% in the quarter from 1.43% a year earlier. Last week, local peer UOB Group (UOBH.SI) beat market estimates with a record quarterly net profit of S$1.4 billion after net interest income swelled and credit allowances declined.
☆ Bank Negara Malaysia set to hike for fourth time in a row on Nov. 3 - Reuters poll
  + stars: | 2022-11-01 | by ( Shaloo Shrivastava | ) www.reuters.com   time to read: +3 min
Bank Negara Malaysia (BNM) started raising rates in May even though inflation was within its target range of 2%-3%. It has since hiked rates by 75 basis points to keep inflation in check. All but two of 27 economists in the Oct. 25-31 poll predicted BNM would hike its overnight policy rate by 25 basis points to 2.75% from 2.50% at its Nov. 3 meeting. While 13 of 18 penciled in a 25 basis point hike in Q1, three said 50 basis points. The median forecast showed the overnight policy rate would remain at 3.00% until at least the end of next year.
☆ The markets have probably already priced in a recession — and a fairly significant one at that: UOB
  + stars: | 2022-10-14 | 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 markets have probably already priced in a recession — and a fairly significant one at that: UOBTony Raza of UOB Asset Management says one of the "depressing things" of investing in the market now is that "we don't really seem like we're at a point where things will level off at a bottom yet."
☆ 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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