HSBC Commercial Banking’s Post

In Q3 2023, Singapore banks (DBS Bank, UOB, OCBC) thrived on rising interest rates and wealth management fees, resulting in a robust performance.   Despite declining loan portfolios, net revenues surged by 9.9% to USD 8.95 billion. DBS led in net profit growth at 16.58%, reaching USD 1.95 billion, driven by increased interest and non-interest income. UOB, however, saw a 2.48% profit decline due to a drop in non-interest income. Fee income rose by 9.7%, with UOB's growth at 12.73%, fueled by card-related and wealth management fees.   The Net Interest Margin grew by 21 basis points to 2.18%. Non-performing loans decreased, and cost efficiency improved. Key initiatives included DBS's commitment to support the underserved, UOB's employee support program, and OCBC's #GenAI chatbot for employee assistance. Overall, increased NIMs, strategic initiatives, and improved cost efficiency drove the strong performance of Singapore banks.   Read the full report here: https://lnkd.in/d8DTfYJt #Banking #Finance #BankingInnovation #AI

United Overseas Bank (UOB) is no stranger to accolades. Headquartered in Singapore, but with subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has been clocking up excellence awards over the last few years thanks largely to its transformative initiatives. As Singapore’s third-largest company, with a valuation of US$33.36 billion, UOB has made significant strides in digital transformation, investing S$2 billion in cutting-edge technology in 2022 and launching its flagship digital bank. In acquisitions too, the 90-year-old bank is making an impact, with CEO Wee Ee Cheong recently leading the bank’s largest M&A in a decade – acquiring Citi’s consumer banking operations in Malaysia, Thailand, Vietnam and Indonesia. It’s no surprise then to see the bank making ambitious headway on the sustainability front too – not only in meeting targets and advancing sustainable financing but landing awards for its ESG efforts – with UOB Thailand trumping HSBC to Thailand's Best Bank for ESG accolade (Asia Money) in 2023. #esg #uob #southeastasia #banking #sustainablefinance

Rapid innovation, market-leading propositions in Malaysian financial services Read the full article: https://bit.ly/3S6ejVx At Finance Malaysia 2023, senior executives in financial services discussed digital transformation and sustainable innovation in line with the Financial Sector Blueprint 2022-2026 set out by the central bank, Bank Negara Malaysia The emergence of new digital banks and next-generation technologies that drive financial inclusion took center stage at Finance Malaysia 2023 when industry leaders convened in Kuala Lumpur to discuss the latest developments. Using the Financial Sector Blueprint 2022-2026, Bank Negara Malaysia (BNM) steers the financial industry to create a more inclusive and sustainable financial ecosystem that supports economic growth and strengthens the country’s foothold in Islamic finance. The central bank also expanded this ecosystem by setting five new digital banks in motion and encouraging the growth of fintechs serving the unbanked and underbanked. Despite challenges to the global economy, Malaysia remains resilient, seeing a robust growth of 5.6% in the first quarter of 2023— aligned with a projected annual growth rate of 4% to 5% for 2023. This performance is driven by strong domestic demand and investment, as well as sustained growth of the digital economy as new technologies are adopted and supportive policies are laid down by BNM. Benjamin, Ming-An Lee, Bank for International Settlements – BIS, Kalyani Nair, Maybank, Bhupendra Warathe, Accenture, Pei Si Lai, GXBank, Shailesh Grover, Hong Leong Bank Berhad, Peter Murray, Amazon Web Services (AWS) Chris Kapfer, TABInsights, The Asian Banker, TAB Global #FinanceMalaysia2023 #digitaltransformation #financialinclusion #fintech #sustainableinnovation #malaysianfinance #banknegaramalaysia #inclusiveeconomy #aiinbanking #digitalbanks #cybersecurity #financialsectorblueprint #economicgrowth #datainfrastructure #bankingskills #financialservices #digitaleconomy #regulationinbanking #bankingtrends #tabinsights #theasianbanker #tabglobal

Asia's allure as the destination for business and investments has made it a magnet for new wealth inflows from within the region and globally. What’s driving the region’s upturn in this decade and beyond? Our Global Head of Investments and Wealth Solutions Lavanya Chari and Head of Investments and Wealth Solutions Southeast Asia Jeffrey (Chih Yee) Yap, CAIA discuss with The Business Times on the strong fundamental growth factors in Asia, and how we have been enhancing the multi-channel client experience to cater to different client needs. Read the full article here: https://grp.hsbc/6044PoWB4 #PrivateBanking #WealthManagement #AsiaWealth