Singapore Banks' 1Q 2004 Results Show Encouraging Trend May 04

Standard & Poors, May 2004

Abstract
SINGAPORE (Standard & Poor's) May 13, 2004--Standard & Poor's Ratings Services said today the first-quarter 2004 results of the three Singapore bank groups signaled an encouraging trend amid a gradually improving economy. In tandem with the economic pickup and as the banks' rehabilitative measures bear fruit, asset quality has been improving. For the quarter ended March 31, 2004, the average NPA ratio (net) of the three banks--DBS Bank Ltd. (A+/Stable/A-1), Oversea-Chinese Banking Corp. (OCBC Bank; A/Stable/A-1) and United Overseas Bank Ltd. (UOB; A+/Stable/A-1)--continued to improve to 2.2%, compared with 2.6% at the end of fiscal year 2003. With the trend in declining impaired assets, profitability (as measured by return on average assets {ROAA}) is likely to continue benefiting from the...

Companies mentioned in this report are:
- DBS Bank Ltd.
- United Overseas Bank Ltd.
- Oversea-Chinese Banking Corp. Ltd.

Action: S&P Event

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Research type: News
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- DBS Bank Ltd.
- United Overseas Bank Ltd.
- Oversea-Chinese Banking Corp. Ltd.

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