Part 1/10:

Singapore Banks Face Profit Decline Amidst Economic Challenges

The Impact of Low Interest Rates and Weak Growth

Singapore's banking sector, dominated by the "big three" — DBS, OCBC, and UOB — has encountered significant headwinds in recent months. These financial giants reported profit declines ranging between 22% and 40% for the second quarter, primarily driven by the dual challenges of low interest rates and sluggish economic growth.