Finance

Lock in loans at current rates, advises DBS chief Gupta

Interest rates in the US and in turn, Singapore, are likely to pick up over the next one to two years, said DBS CEO Piyush Gupta. This means now could be a particularly good time for borrowers to lock in loans at current interest rates. Borrowers can look at switching from floating to fixed rate loans, added Mr Gupta. But that is a hard appeal to make to Asian investors, who prefer not to fix...

MAS reportedly in discussions to discontinue SIBOR

Reports say Singapore's central bank is in discussions to discontinue the Singapore Interbank Offered Rate (SIBOR). The Monetary Authority of Singapore (MAS) launched a review of the SIBOR last July after abuses related to the London Interbank Offered Rate (LIBOR) surfaced. A few months later, it broadened investigations to include some exchange rates set in the city. Analysts say getting rid of SIBOR...

Requesting for mortgage debt forgiveness – essential steps you should follow

Mortgage debt seems to be the biggest debt for the Americans. While talking about mortgage debt forgiveness, you need to know that every lender will not agree to forgive your debt. However, there are few lenders who will agree to forgive mortgage-debt. The mortgage lender will forgive only a small portion of your debt. With proper budgeting and by keeping a track on your spending, you will be able to...

DBS, OCBC hit by global turmoil; Q1 net profits fall

Two Singapore banks on Wednesday reported falls in first-quarter net profit as trading activities took a hit from global financial turmoil. DBS Group, Southeast Asia's biggest bank, said its net profit in the first quarter ended March 31 dipped 2.0 percent to S$603 million (US$446 million) compared with the previous year. Singapore's smallest bank, Oversea-Chinese Banking Corp (OCBC), reported a four...

PM Lee says Singapore will continue to develop financial sector

Prime Minister Lee Hsien Loong said Singapore will continue to develop the financial sector as more activities are being moved to the city-state. Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space and accommodation. The financial sector in Singapore grew by some 17.5...

Singapore banks likely to ride out challenges ahead

Global ratings agency, Fitch Ratings, sees a more challenging operating environment for Singapore banks going forward. According to its latest report, Fitch expects the three local banks – DBS, OCBC and UOB – to see a slowdown in investment banking and capital market-related income over the next two years. Loans growth is seen to be moderating while loan-loss provisions are rising. But Fitch said it...

Industry players expect more homeowners to refinance their mortgage loans

Industry watchers expect more home owners to consider refinancing their mortgage loans as interest rates look set to dip further. In fact, mortgage and financial planning firm SingCapital has seen a three-fold jump in enquiries in the last two months. Property agents are also getting a crash course in mortgage planning, including answering questions about refinancing of home loans. This occurs when...

Survey shows consumers looking for more flexibility in loans

People's attitudes towards loans are changing, according to a survey conducted by consumer finance firm, GE Money, last month. With the Singapore economy expected to moderate this year, two thirds of 365 consumers polled said they were more cautious about taking up loans. A total of 95 percent of respondents said flexibility was very important when applying for a loan. Almost half said they wanted...

UOB’s Q4 net profit down 5.7% to S$506m

United Overseas Bank (UOB), Singapore's second-biggest lender by assets, posted a 5.7 percent fall in its fourth-quarter profit, as turmoil in credit markets led to more write-downs. The bank reported net profit of S$506 million for the October-December period, down from S$537 million a year ago. UOB, which had a smaller exposure to risky debt compared to local industry leader DBS, made fresh provisions...

Singapore icreases efforts to position itself as Islamic banking hub

Singapore is stepping up efforts to position itself as a hub for Islamic banking. In the recent Budget, a 5 percent concessionary tax rate was announced for income derived from qualifying Shariah-compliant products. Industry watchers said this would help to draw in key global players. The global Islamic banking sector is estimated to be worth around US$500 billion. And Singapore is making yet another...

Compare listings

Compare