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Strong Q4 for UOB and OCBC

Strong Q4 for UOB and OCBC

(23 February 2006 – Singapore) Analysts are tipping strong fourth quarter earnings for Singaporean banks OCBC and UOB. OCBC has been tipped to report a net profit of around S$320 million, up 15 percent on the same period a year ago. UOB is expected to post a profit of S$423 million, a 13 percent increase on the corresponding period last year.

Mortgage rates have increased in Singapore so the banks have benefited from higher interest margins, plus other fees and commissions.

Last week, DBS reported a fourth quarter loss of S$441 million because of its S$1.1 billion write down in the value of the bank’s Hong Kong business.

Experts say the other two major domestic banks are unlikely to stun the market with similarly large goodwill charges.
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