AFP
7 Aug 2008
SINGAPORE (AFP) — Singapore banks warned Thursday of tougher times ahead after reporting mixed results for the second quarter as economic growth slowed and financial markets struggled.
Net profits in the June quarter rose at Southeast Asia's largest lender DBS Group and at United Overseas Bank (UOB), but fell at Oversea-Chinese Banking Corp (OCBC).
DBS said it had made a profit of 652 million Singapore dollars (476 million US) in the three months to June, up 16 percent year-on-year, but chief executive Richard Stanley said it would remain vigilant.
>>>> More
