Despite this, the profits are expected to be slightly lower compared to the same period last year
Singapore’s two major banks, DBS and OCBC are expected to announce stable net profits for the first quarter of the fiscal year, although slightly lower compared to the same period last year, according to a report by UOB Kay Hian .predicts DBS will disclose a Q1 net profit of S$2.49 billion, up 10% from Q4 2023 but down 3% from Q1 2023. Despite this, the bank is expected to experience a minor increase in loan growth, up by 0.8% compared to Q1 2023.
Ml Saw s1 aThis is due to a reduction in the Hong Kong Interbank Offered Rate by 43 basis points to 4.72% in Q1.Parkson Retail Asia's FY2023 net profit falls due to weak consumer spending—S$26.3M down 8.5%y-o-y Similarly, OCBC is anticipated to report a rebound in net profit compared to Q4 2023 but a slight decrease from the previous year. Analysts expect a 12% quarter-on-quarter increase but a 3% year-on-year decline, amounting to S$1.82 billion for Q1.
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