Posts by Stephanie Irvin
State Bank of India beats Q2 profit view but lending margin shrinks
STATE Bank of India, the country’s largest lender by assets, beat second-quarter profit estimates on Friday (Nov 8), helped by higher non-interest income but its lending margin shrank. The state-run lender’s net profit rose 28 per cent to 183.31 billion rupees (S$2.9 billion) compared with 143.3 billion rupees a year ago. Analysts expected earnings of…
Read MoreSingapore banks lead STI rally to 16-year high; index up 1.4%
THE Straits Times Index (STI) continued to rally on Friday (Nov 8), hitting a 16-year high. It was up 1.4 per cent or 50.88 points at 3,724.37. Across the broader market, advancers outnumbered decliners 297 to 283, after two billion securities worth S$2.3 billion changed hands. The trio of local banks hit new record highs…
Read MoreChina’s car sales jump in October as automakers rush to meet annual goals
CHINA’S passenger vehicle sales jumped 11.2 per cent in October year on year, the second straight monthly rise and the fastest growth since January, led by domestic champion BYD as automakers raced to meet annual sales targets. Sales in the world’s largest auto market totalled 2.28 million vehicles last month and increased 3 per cent…
Read MoreFed’s rate cut brings ‘relief’ to Asian markets with STI hitting 17-year high, but long-term uncertainty under Trump remains
Observers expect volatility in the markets until there is greater clarity on the new president’s policies THE latest rate cut by the US Federal Reserve is expected to bring “some relief” to Asian and Singapore equity markets, with upsides for the property and consumer sectors. However, the longer-term outlook for markets in view of a…
Read MoreShareholders of Singapore banks can look forward to more returns amid strong Q3 results
SHAREHOLDERS of Singapore banks have more to gain ahead, as the local banking trio are looking to return capital due to their strong fiscal positions. Amid another set of record-breaking results for the third quarter of 2024, the three banks have expressed their desire to use their excess capital, be it through acquisitions, share buybacks…
Read MoreFed’s implied message: Enjoy the rate cuts and market euphoria now, worry about tariffs and deficits later
Powell leaves door open to another cut in December, depending on the rate of inflation and if the labour market softens further THE US Federal Reserve cut interest rates as expected on Thursday (Nov 7), the quarter-percentage-point cut coming as no surprise to anyone. What was more surprising, however, was chairman Jerome Powell’s rosy picture…
Read MoreUOB looks to take ‘full advantage’ of excess capital by end of this year: CEO Wee Ee Cheong
UOB is actively looking to manage its capital, and hopes it can find ways to take “full advantage” of the excess by the end of this year, said chief executive Wee Ee Cheong. With around S$2 billion to S$2.5 billion in excess capital due to Basel IV reforms, the bank is open to investing it…
Read MoreHot stocks: UOB adds S$4 billion to value as Singapore banks break share price ceilings
SHARES of UOB and OCBC leapt to levels never seen before after both lenders surpassed street consensus estimates with their third-quarter net profit figures released Friday (Nov 8). As at 11.05 am, UOB had risen 6.7 per cent or S$2.24 to reach S$35.54 after 6.6 million shares worth S$228.9 million changed hands, making it the…
Read MoreSats unlikely to resume dividend payout ratio of 70-80% but quantum will rise in tandem with profit
The group has set targets of achieving S$8 billion in revenue and a return on equity of 15 per cent in FY2029 INFLIGHT caterer and ground handler Sats is unlikely to return to paying out 70 to 80 per cent of its earnings, although the quantum of dividend per share will rise in tandem with…
Read MoreSGX securities turnover value rises 36% in October; volume up 17%
TOTAL securities market turnover value on the Singapore Exchange (SGX) increased 36 per cent year on year (yoy) to S$26.92 billion in October, said the bourse’s monthly market statistics report released on Friday (Nov 8). This is, however, an 11.4 per cent decrease from September’s S$30.38 billion. Total market turnover volume rose 17 per cent…
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