Singapore banks poised to weather continued headwinds in 2017

SINGAPORE (Jan 17): Moody's Investors Service says Singapore’s three largest banks are poised to weather further weakening in asset quality and continued downward pressure on profitability in 2017.

In addition, Moody’s believes DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank will continue to be lifted by strong government support.

"Declining asset quality and profitability for the three large Singapore banks contributed to the recent downgrades of their standalone credit assessments to a1 from aa3, but as we expect further headwinds to be manageable, we do not envisage further downgrades over the next 12-18 months," says Simon Chen, a Moody's vice president and senior analyst.

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