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Daily Dispatches – Singapore’s biggest banks beat profit expectations

Banks beat forecasts

Banks beat forecasts

DBS and Overseas Chinese Banking Corp (OCBC) – Singapore and south east Asia’s largest lenders – surprised the market today with better than expected profits in the third quarter, according to Bloomberg.

The results were buoyed by rising loans and fee income, despite tighter interest margins during the quarter. 

Net income at DBS rose 1% to S$862 million ($694 million) for the three months to the end of September, topping a Bloomberg poll of analysts who on average expected around S$839 million.

OCBC’s profit rose 5% to S$759 million from S$724 million, beating the S$662 million average of eight analysts’ estimates.

DBS and OCBC are seeking growth in other Asian markets, including China and Indonesia, to compensate for the smallest profit margins on loans in Asia. They are also looking to expand fee-generating businesses such as wealth management at home and abroad.

Scandal deepens at India’s troubled Multi Commodity Exchange

Jignesh Shah has resigned from the board of Multi Commodity Exchange of India, the nation’s biggest commodity trading platform, amid an investigation into the failure of a related spot bourse, Bloomberg reports.

Shah, 46, has left with immediate effect from the business he started in 2003. Indian regulators want to examine large expenditures by the company and related-party transactions. 

Singapore unemployment drops on tighter foreign worker rules 

The jobless rate fell to 1.8% in September – the lowest level since last December – according to official Government data reported by the Business Times.

Citigroup’s Kit Wei Zheng told the paper that said the dip in the jobless rate in September reflected the latest round of tightening of the foreign worker policy that kicked in on July 1.

Jupiter Fund Management grows Asia business

The UK-based firm secured a dealing licence in Hong Kong in April, and is looking to expand its office in the city. There is also a possibility that it will expand its fund management operation into the region from Europe, says Asian Investor.

Qatari bank looks to expand in Asia

Doha Bank has opened a representative office in Hong Kong to spearhead a plan to further expand its business in the Asia Pacific region, according to an official statement.

 

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