SINGAPORE (Standard & Poor's) March 1, 2005--The credit profiles of Singapore banks have strengthened further in 2004 as a result of continued growth in the domestic economy, said Standard & Poor's Ratings Services in a commentary titled "Industry Report Card: Singapore Banks" published today. The earnings of Singapore banks in the fiscal year ended December 2004 have reached a five-year high. Operating earnings and net income have exceeded those of the previous year, although they were partially aided by one-off gains from sale of certain investments. "Profitability continues to be underpinned by the substantially lower loan loss charges, owing largely to macroeconomic factors, such as the improving economy which brought increased lending activity and stabilization in property prices that lowered...
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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