Shares of S’pore’s three banks hit record highs after another quarter of strong profits

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The banks also discussed options to return excess capital to shareholders.

OCBC is basing its plans on expectations of further rate cuts, forecasting two to three rate cuts this year, and five in 2025.

DBS’ third quarter net profit rose 17 per cent to $3.03 billion, from S$2.59 billion the year before, while UOB’s net profit for the period jumped 16 per cent to a record $1.61 billion from $1.38 billion a year earlier.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Year Rate Excess Billion Ocbc Higher Cuts Rates Capital Cent Interest

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 22:59:04 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 796 words

Reading Time: 5 minutes read

Sentences: 32 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 23471063

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