UOB’s Q4 profit up 1.7%, above expectations on strong loan growth
United Overseas Bank, Singapore’s third-biggest lender, posted a 1.7 per cent rise in quarterly profit on the back of strong loan growth, beating analysts’ average forecast. UOB said net profit for the October-December period came in at S$786 million, above an average forecast of S$759 million from six analysts polled by Reuters. It reported a […]
Singapore bank lending falls, credit card debt up in December
Bank lending in Singapore fell in December from November in a sign that economic activity could be slowing down. Total loans and advances fell to S$607.96 billion at the end of December from S$608.17 billion at the end of November, according to the Monetary Authority of Singapore’s (MAS) latest monthly statistical bulletin. Banks lent more […]
Taking a 3rd HDB loan? Pay market rate, says Minister Khaw
The Housing and Developmental Board (HDB) may grant a third housing loan to home owners – but only in exceptional instances, and at the market rate, said Minister for National Development Khaw Boon Wan on Tuesday (Jan 21). In a Parliamentary question, MP Zainal Sapari had asked about HDB’s rationale for imposing a higher interest […]
Malaysian billionaire Ananda Krishnan set to settle 1MDB loan ahead of deadline
Malaysian billionaire Ananda Krishnan is preparing to settle a RM2 billion (S$750,900) loan owed by troubled state fund 1MDB, four sources familiar with the matter said – a last-minute reprieve for the fund whose debt woes are pressuring the ringgit and the country’s sovereign credit rating. The development fund, which owns a large portfolio of […]
What to do about home loan as interest rates rise?
Home owners were caught by surprise last week when a key interest rate benchmark suddenly shot up after years of slumber. It was a reality check for many and a sign of things to come as the era of cheap money begins to draw to a close. Not that we are at sky-high rates yet […]