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MAS bans 2 ex-bank staff, 2 ex-insurance agents for fraud, dishonest conduct

THE Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) that took effect from May 4 against two former bank employees and two former insurance agents for fraudulent and dishonest conduct, it said on Friday.

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Singapore banks see hefty provisions yank down Q1 earnings

SINGAPORE banks posted lower earnings in the first quarter after fattening their provisions to cushion against economic stresses brought on by the virus outbreak, as well as against some of their oil-and-gas exposure. 

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OCBC’s Q1 profit sinks 43% on lower insurance contributions, surge in provisions

OCBC’s net profit sank 43 per cent to S$698 million for its first quarter, dragged down by non-operating losses in its insurance unit and a surge in provisions due to its oil and gas exposure and the deteriorating macroeconomic environment from the Covid-19 pandemic.

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DBS launches P-Card to digitalise logistic processes

DBS on Thursday launched a cashless purchasing card to allow logistics firms to settle payments and collections at container depots digitally.

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UOB’s Q1 net profit falls 19% on lower margin, rising impairment

CREDIT costs borne by United Overseas Bank (UOB) are expected to remain elevated at least until the first half of 2021, given that peak non-performing loan (NPL) recognition will likely be delayed until after the loan moratoria on relief measures end, analysts say.

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Singapore digibank hopefuls staying the course amid pandemic

DESPITE the unknown stresses thrown up by the novel coronavirus pandemic, all 21 digital banking contenders in Singapore have stayed the course. The Business Times understands that no names have withdrawn from the race.

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DBS prices Singapore’s first notes referencing Sora benchmark

DBS Bank has priced floating-rate notes with the Singapore Overnight Rate Average (Sora) as the reference rate for the calculation of interest - said to be an industry first.

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Bond-buying risks could outweigh rewards for emerging market central banks

EMERGING market central banks are launching asset purchase programmes to help mitigate the economic impact of coronavirus, a fresh test of unconventional policy tools that were only adopted by developed economies a decade ago.

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UOB’s O&G exposure under 4%; Q1 profit at 2-year low on impairment surge

UNITED Overseas Bank (UOB) on Wednesday posted a 19 per cent fall in Q1 net profit on declining margins and a surge in impairment charges, bringing its earnings to the lowest level in just over two years.

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Singapore digibanks applicants stay the course, with finances still key amid Covid-19

DESPITE the unknown stresses thrown up by the novel coronavirus, all 21 digital banking contenders in Singapore have stayed the course. The Business Times understands that no names have withdrawn from the race.

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