Singapore’s big three – DBS, OCBC
and UOB – have reported lower profits for the first half of 2009 as
the recession continues to impact on bank balance sheets. At DBS,
net profit for the period slipped by 21 percent year-on-year to S$1
billion ($690 million), while a similar story at OCBC saw the
group’s net income slip by 20 percent to S$1 billion. At UOB,
meanwhile, net profit fell by 22 percent to S$880 million.
DBS saw net profit in its consumer banking
division fall from S$337million a year previous to S$82 million,
with the division’s net interest income over the six month period
falling from S$619 to S$393 million. The bank-wide non-performing
loan (NPL) ratio rose from 1.4 percent a year previous to 2.8
percent.
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At OCBC, NPLs rose from 1.4 percent to 2.1
percent. Operating profit within the global consumer financial
services segment fell by 11 percent to S$310 million, while
group-wide net interest income rose by 10 percent year-on-year to
S$14.5 billion.
UOB’s personal financial services division
reported a pre-tax profit of S$384 million for the first half of
the year, a fall of 19 percent. The group’s NPL ratio rose from 1.5
percent to 2.4 percent.
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