Singapore banks' dividend cap to bring short-term pain, but higher payouts in end
Shares of Big Three local banks slide on Thursday after Wednesday's news
Singapore
SHARES of Singapore's local lenders extended their slide on Thursday, after the central bank asked them to cap dividend payouts.
At the closing bell, DBS had dropped S$0.63 or 3.1 per cent to S$19.77; OCBC Bank had tumbled S$0.34 or 3.8 per cent to S$8.56, and UOB fell S$0.63 or 3.2 per cent to S$19.39. They were the most actively traded counters by value on the bourse for the day.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Seventh money laundering accused to plead guilty on May 23
DBS hires chief of Ping An’s tech group to fix outage issues
Indian banks to step up IT spends as regulatory scrutiny rises
Swedish central bank lowers key rate, sees two more cuts this year
UOB CEO ‘cautiously optimistic’ on 2024; Q1 profit down 1.6% to S$1.49 billion
Australia lending rules make banks go ‘too hard’ on due diligence: Westpac