Including one-off expenses such as the acquisition of Citi’s consumer banking businesses in parts of Asia, quarterly net profit was S$1.15 billion, up 13 per cent from a year ago.įor the full year, core net profit increased 18 per cent to S$4.82 billion, while net profit gained 12 per cent to S$4.57 billion after taking into account the one-off expenses. UOB’s core net profit for the fourth quarter rose 37 per cent to S$1.4 billion, beating analysts’ forecast of S$1.2 billion. UOB and OCBC followed up with their report cards last week. This blew past analysts’ estimates of S$2.16 billion and marked a second straight quarter of record-breaking profits.įor the full year, net profit grew 20 per cent to S$8.19 billion – also a record performance.
SINGAPORE: Singapore’s three local banks chalked up record-breaking profits last year on the back of higher interest rates, but uncertainties around rate cycles and global growth may crimp earnings moving forward, analysts said.ĭBS – the first of the three local lenders to release earnings results on Feb 13 – said its fourth-quarter net profit soared 69 per cent year-on-year to hit a new record of S$2.34 billion.
