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Finance

Singapore's 'Big 3' banks rake in record 1st-half profits

Strong overseas earnings overcome headwinds of anemic domestic economy

The overseas business portfolios of the Big 3 mean less exposure to downturns in Singapore's economy, which saw real gross domestic product grow at only 0.1% in the April-June quarter from a year earlier.   © Reuters

SINGAPORE -- Singapore's three largest banks reported record profits for the first six months of the year despite the city-state's floundering economy, thanks to strong overseas earnings.

The stellar performance of the "Big 3" reflects reduced dependence on the domestic economy due to the rapid overseas expansion of Singaporean companies in recent years.

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