Coronavirus pandemic will likely end the strong profit growth in Singapore banks [CNBC]
DBS GROUP HLDGS LTD S/ADR (DBSDY)
NASDAQ:AMEX Investor Relations:
tiindia.com/article/subsidyfinancials/400
Company Research
Source: CNBC
After a strong run last year, the profitability of Singapore banks is expected to fall sharply in 2020. That's due to the coronavirus pandemic, as well as a crash in oil prices that brought down some of the major energy traders in the Asian financial center. A glimpse of that earnings hit could come this week as DBS Group Holdings , the largest bank in Singapore and Southeast Asia, is scheduled to release its first-quarter financial report card on Thursday. DBS' earnings release will be followed by United Overseas Bank next Wednesday, and Oversea-Chinese Banking Corp next Friday. Estimates by Refinitiv showed that net profit at all three banks could fall by more than 20% in the first quarter, and DBS is expected to take the largest hit of a 32% decline. Such pressure on earnings could weigh down the banks' share prices, which have suffered losses of about 20% so far this year, analysts said. "The way we're thinking about (Singapore) banks is pretty straightforward that in the near ter
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