Industry Report Card: Singapore Banks Mar 04

Standard & Poors, March 2004

Abstract
Notwithstanding the challenging conditions that prevailed for most of 2003, Singapore banks maintained their strong financial profiles, characterized by stable profitability, above-average capitalization, and improving asset quality. Profitability was largely underpinned by lower loan-loss charges (aided by the gradually improving economic environment during the second half of the year), as well as higher contributions from fees and commissions (arising mainly from investment related activities). Sustained cost-management discipline also helped support profitability, as evident from the stable efficiency ratio (measured by noninterest expenses to revenues) of the three domestic banks that averaged 37.4% (at fiscal year ended December 2003). Interest margins, however, continued to face pricing pressure, spurred by the intense competition arising mainly from fewer lending opportunities, stemming from a...

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

DBS Bank Ltd.,United Overseas Bank Ltd.,Oversea-Chinese Banking Corp. Ltd.

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