After becoming the region’s worst performer in 2020 following a 12% slump, the Straits Times Index has surged 9.3% to trounce all other major Asian benchmarks so far this year
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2 Mar, 2021 Author Rebecca IsjwaraRehan Ahmad
Singapore s banks appear well placed for an earnings rebound in 2021 after net interest margins stabilized toward the end of last year and credit costs eased, analysts say.
Net interest margins at DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. Ltd., and United Overseas Bank Ltd. declined between 0.16% and 0.27% through last year to reach the lowest in five years. However, the pace of margin compression slowed by the fourth quarter, indicating that the decline may have bottomed out. Analysts believe that margins will stay stable in 2021 as the economy recovers from the pandemic.
SINGAPORE: CapitaLand Ltd, Singapore’s largest developer, posted a record full-year loss after writing down the value of some investment properties and residential projects during the pandemic.