DBS, Southeast Asia's largest bank, reported a profit of 2.82 billion Singapore dollars, a 1% increase year-on-year. Its robust income was driven by lending and wealth management fees. In contrast, UOB and OCBC reported a 6% decline in quarterly profits, primarily due to weakened net interest income. All three banks are contending with declining interest rates and an uncertain economic outlook. UOB's CEO expressed confidence in ASEAN's long-term prospects while cautioning that new U.S. tariffs could negatively impact consumer sentiment and investment.
"As the global landscape transitions towards a multipolar world order, ASEAN continues to demonstrate resilient growth. With regional integration, trade diversification and rising foreign direct investments, ASEAN is well-positioned to thrive in the evolving global economy," UOB CEO Wee Ee Cheong stated.
"Evolving trade and monetary policies, and persistent geopolitical tensions are expected to weigh on growth prospects," stated outgoing OCBC CEO Helen Wong, highlighting challenges ahead.
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