Singapore’s three leading banks
– DBS, UOB and OCBC – have all reported better-than-expected
results for the first quarter of 2009, but all three, nonetheless,
saw profits fall year-on-year.
DBS, which reported a net profit of S$433
million ($296 million) versus a same-period 2008 result of S$603
million, saw allowances for loan losses almost treble to S$414
million versus S$140 million a year previous. The non-performing
loan rate increased from 1.5 percent in the previous quarter to 2.0
percent. The increase in NPLs was led by SME loans in Hong Kong,
said DBS.
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UOB reported first quarter net income of
S$409 million against S$529 million in the comparable 2008 period,
while OCBC reported net profit of S$545 million versus S$622
million a year previous. Net provisions rose from S$89 million to
S$378 million at UOB and from S$8 million to S$197 million at
OCBC.
Retail profit at OCBC was S$146 million,
down from S$183 million, while retail banking profit before tax at
UOB was S$210 million, down from S$243 million. At DBS, retail
profit was down more sharply, from S$188 million to S$48
million.
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