Singapore banks top estimates but flag caution in weak markets
Singapore lenders DBS Group (DBSM.SI) and OCBC (OCBC.SI) gave cautious outlooks on Friday after reporting 10% declines in quarterly profits amid weaker economic growth, though their performances still beat analysts' estimates. Though rising interest rates and the full re-opening of Singapore's trade-dependant economy after restrictions during the pandemic spell good news for banks, inflation risks are weighing on their prospects.
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