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Singapore's major banks see YOY net profit growth in Q2

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Singapore's major banks see YOY net profit growth in Q2

Combined net profit for the second quarter at Singapore's three largest banks rose to S$3.06 billion from S$2.74 billion in the year-ago period.

DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. all reported year-over-year growth in net profit for the three months ended June 30.

Net interest income rose to S$4.59 billion from S$4.30 billion, while net fees and commissions climbed to S$1.65 billion from S$1.52 billion.

Meanwhile, all three lenders saw rises in their nonperforming loan ratios compared to the prior-year period. Bank executives continued to warn of persistent asset quality issues in the companies' exposure to the oil and gas sector, as they expect distress in the sector to continue until oil prices improve.

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As of Aug. 9, US$1 was equivalent to S$1.36.

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