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Singapore banks fail to soar despite economic reopening

Lower profits but some brighter signs after relaxing of COVID restraints

DBS' net interest margin, a key profitability gauge, weakened to 1.53% in the latest quarter from 1.9%.   © Reuters

SINGAPORE -- Singapore's largest local banks posted lower profits but welcomed some brighter signs after the city-state eased a pandemic-induced economic shutdown, enabling them to ramp up operations.

DBS Group Holdings, Oversea-Chinese Banking Corp. and United Overseas Bank saw net profits for the three months ending in September fall between 12% and 40% on-year, weighed down by continuing pressures from the health crisis.

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