Local banks had a rough 2016 calendar year (2017 Update)

Local banks had a rough 2016

Like most sectors of Singaporean economy in the year 2016, the banking sector had her fair share of financial downturn. The once bubbling sector, thriving with billions of dollars in trade was severely hit. The financial tide that swept the little country that once had a healthy banking system which is envied by neighbors.

The three banks had a year to forget. The year was full of disturbances and worries. With a bad economic meltdown, regional political unrest and manufacturing industries market challenges. It is not a surprise to see these banks post fall in net profits that are massive. This can be a threat if the Nation’s economic policy is not proactive enough to arrest the repeat of such a monstrous financial year.

Major Banks post drop in net profits

The market experience a decline in profit by the three banks. It varies as the banks’ count losses ahead of a promising but tricky 2017. From DBS to OCBC and UOB, the story is almost the same concerning asset issue that has to do with quality. In addition to that, not too promising manufacturing industry, which is one of the major industries. This is aside of oil and gas that demands heavy financial needs from the banks.

DBS suffer the worse fall in net profit in many years that was up to 5%. Comparing to the 2015 profit post by the bank. Though the profit is above four billion dollars, the loss is not something to repeat in another year of great uncertainty.

If DBS cries over five percent lower net profit, perhaps OCBC needs a miracle to be able to get over the shock 11% lower profit. Though the bank records over 3 billion profit which is eleven percent short of the previous year.

Though the pains were mild at UOB, which records lower net profit of 3.5% compares to 2015, the final profit still stood at just above 3 billion dollars.

Banks have different targets for 2017

Due to ambivalence in oil and gas sector, the banks in Singapore have no choice than to target growth in loans and the marginal improvement as they carry out their financial adventure for the new year.

The non-performing loans related to the under pressured oil and gas industry was a major blow to the banking sector, as the banks paid a massive amount in credits. Therefore, the future of the banking sector lay away from the oil industry and efforts should be to improve loans growth and extend more facilities to electronics, medical and biomedical sectors that are enjoying the massive business boom.

For the year 2017, banks need to do more than just extending loans to oil sick, and a risky sector to investor fortune. The looking elsewhere maybe the way to regain the market efficacy of banks, electronics, biomedical, and medical sectors are the brides of the Singaporean economy who are enjoying success in export, so loans to this sector maybe a better way to have a bumper year.


Do you need extra cash for family or personal matters? Or even for your new start up business? Best Credit SG Pte Ltd is always here to help you. We are formerly known as Cing Dien Credit and have rebranded ourselves. Being in the licensed moneylender industry for the last 30 years has allowed our management to accumulated valuable experience. All our loan officers are well trained, efficient and have strong knowledge on client needs.

Customer is no. 1 is true in our office. We always place your needs first. We take the time to understand your needs, hear out your problems before offering a solution. In addition, we ensure that the solution provided suits exactly what you need.

Furthermore, the amount of clients we have is increasing every month. This is because most of our clients have refer their friends and family to us. This shows exactly how reliable we are! 😉 Our clients all know us as the best moneylender in Singapore.

If you need a loan to tide you over a short period of time, get in touch with us! We will give you our best and try to help you solve your problems.  Feel free to call us at +65 6272 5538 or drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372 if you have any questions.

Loan Finder Review
Review Date
Reviewed Item
hopefully the economy will be better this year
Author Rating
51star1star1star1star1star