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Nikkei Markets

Singapore banks sanguine about outlook amid Covid-19 spread

OCBC, UOB post record annual profit driven by wealth management, trading income

Earlier Friday, OCBC reported a 34% increase in fourth-quarter net profit to S$1.24 billion, helped by a surge in trading income as well as strong growth in wealth management and contributions from insurance arm Great Eastern Holdings. 

SINGAPORE (Nikkei Markets) -- Oversea-Chinese Banking Corp and United Overseas Bank, the smaller members of Singapore's big three banking groups, said they are confident of riding out the economic uncertainties posed by the coronavirus outbreak in the region although it would have some impact on their financials.

Samuel Tsien, CEO of OCBC, the city-state's number two lender, said the bank's revenue this year could be about 2% below potential while problem loans could increase by a few basis points. But the bank also pointed to last year's strong growth in assets under management as generating new fee income.

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