SG Morning Highlights | Singapore Banks Likely to See Slower Q3 Growth Amid Weak Loans, Flattish Interest Margins
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.39%
●Singapore banks likely to see slower Q3 growth amid weak loans, flattish interest margins
●Stocks to watch: China Kangda, Noontalk
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.39 per cent to 3,065.36 as at 9.01 am.
Advancers / Decliners is 54 to 36, with 42.56 million securities worth S$29.51 million changing hands.
Breaking News
Singapore banks likely to see slower Q3 growth amid weak loans, flattish interest margins
The trio of local banks – DBS , OCBC and UOB – are likely to post slower growth for the third quarter ended September 2023, with earnings expected to be weighed down by weak loans and minimal expansion in net interest margins (NIMs), analysts said. The Singapore banks are due to report their Q3 results in the coming weeks. This will begin with UOB on Oct 26, followed by DBS on Nov 6 and OCBC on Nov 10. While analysts still see some room for NIMs to grow, the figures are expected to remain largely flattish.
Stocks to Watch
$ChinaKangdaFood(P74.SG$: Chinese food processing group China Kangda Food Company on Monday (Oct 23) received a winding-up petition filed by Hong Kong High Quality with the High Court of Hong Kong, over an alleged failure to repay loans of HK$39 million (S$6.8 million). The controlling shareholder and director of Hong Kong High Quality is a relative of Gao Yanxu – China Kangda's executive director, the company said in a bourse announcement.
$NoonTalk Media(SEJ.SG$: Shareholders of Noontalk on Monday (Oct 23) gave their full approval of the company's planned share repurchase at the company’s extraordinary general meeting (EGM). All resolutions proposed at the annual general meeting (AGM) held on the same day, which includes re-appointment of its board members and employee share options, also garnered 100 per cent support from shareholders.
Share Buy Back Transactions
Source：Business Times, SG investors
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