Interest rates uncertainties to drag Singapore banks' profits: MAS

The banking system's nonperforming-loan ratio has risen 2.1% in September.

The Monetary Authority of Singapore has tagged weak global growth and uncertainty over interest rates are among rising headwinds that threaten to drag on Singaporean banking profits, a report from Bloomberg said.

The potential for spillover from vulnerabilities in China’s financial system into Asia and anti-globalization sentiment are also among challenges highlighted in the Monetary Authority of Singapore’s annual assessment of the financial sector published Tuesday. The study flagged the possibility of weaker growth weighing on households’ ability to service debt.

“MAS’ stress tests show that Singapore’s financial institutions, corporates and households are able to weather the present challenging environment,” the central bank’s Deputy Managing Director Ong Chong Tee said in a statement. “Most corporates remain resilient, although some strains may be seen in specific industries. We should all stay vigilant to guard against the risks highlighted in the report, given the global macroeconomic uncertainties.”

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