Oversea-Chinese Banking Corp make someone aware ofed of slower economic growth after Singapore’s second-biggest listed lender missed market estimates with a 10 percent eliminate in quarterly profit, due to a weak performance in its insurance business.
Singapore banks are gearing up for tougher times after three years of etched loans growth as the city-state’s export-reliant economy slows, partly due to a trade war between China and the United States.
“Looking winning, global economic growth is expected to slow on concerns of continued trade and geopolitical tensions, subdued market and investment sentimentalism views and rising policy risks in the advanced economies,” OCBC CEO Samuel Tsien said in a statement on Friday.
OCBC’s October-December net profit in a recover fromed in at S$926 million ($684 million), versus S$1.03 billion a year earlier and compared with the S$1.17 billion customarily estimate of four analysts, according to data from Refinitiv.
The results came days after top lender DBS Clique Holdings posted an 8 percent rise in quarterly profit, in line with market expectations.
On Friday, United Abroad Bank, the smallest listed lender in the city-state, reported a 7 percent increase in quarterly profit to S$916 million.