SINGAPORE: Singapore lenders DBS Group Holdings DBSM.SI and OCBC OCBC.SI each reported 10% falls in their quarterly profits on Friday, accompanied by declines in revenues as their wealth administration companies have been affected by weaker markets.
Net revenue at DBS, Southeast Asia’s greatest financial institution, fell to S$1.8 billion ($1.30 billion) in January-March from a report S$2 billion a yr earlier however got here in above a mean estimate of S$1.63 billion from six analysts, in keeping with Refinitiv knowledge.
Second-ranked OCBC posted a quarterly revenue of S$1.36 billion, down from S$1.5 billion a yr earlier, however this additionally got here above a mean estimate of S$1.2 billion from six analysts, in keeping with Refinitiv knowledge.
($1 = 1.3868 Singapore {dollars}) – Reuters
