Almost in perfect sync, all three Singapore banks reported y-o-y earnings drop of 10% for their 1QFY2022 this morning.
DBS Group Holdings, the largest, recorded earnings of $1.8 billion, versus $2 billion reported for 1QFY2021. Revenue in the same period was down 3% y-o-y to $3.7 billion.
Oversea-Chinese Banking Corp has reported a 10% y-o-y dip in earnings for its 1QFY2022, on the back of a 9% dip in revenue in the same period, no thanks to softer fee income.
United Overseas Bank, meanwhile, reported earnings of $906 million on lower non-customer-related trading and investment income, with lower general allowance write-back.
In their earnings commentary, all three banks maintained a careful tone on what they see ahead, citing geopolitical uncertainty, an evolving pandemic situation across the region, economic headwinds and market volatility.
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