Singapore's banks are expected to log stronger profits for the fourth quarter of 2024 but performances could be impacted due to US President Donald Trump's trade tariffs, according to a report by Reuters on Friday.
Banks and Singapore have taken advantage of the interest rate environment in the country according to the report but things could change following Trump's tariffs on China and a threat of duties on other trading partners.
According to Yeap Jun Rong, a market strategist at IG, local banks might have to increase provisions for potential bad debts amid rising risks.
This comes in after LSEG projected DBS Group (SGX:D05) to register a 9.8% rise in net profit during the fourth quarter of 2024, the report said.
Similarly, Oversea-Chinese Banking (SGX:O39) and United Overseas Bank (SGX:U11) are also expected to book higher net profits during the period, the report added.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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