Singapore banks to post first profit drop since 2016

Bloomberg

All three of Singapore’s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fueled economic slump.
Net income at each lender probably slid between 21% and 28% in the three months ended March 31 from a year earlier, according to the average estimates of six analysts surveyed by Bloomberg.
The pain for Singapore’s lenders is set to persist as the city-state braces for a sharp economic contraction this year thanks to the pandemic that’s crippling manufacturing, tourism and other services.
Banks are also contending with falling interest rates and slowing loan growth, and the crash in oil prices may trigger defaults among local firms that cater to the energy sector.