Our credit view of this issuer reflects its good profitability and strong capital position, against its high exposure to CRE sector, in line with other large Singaporean banks.
Singapore's three largest banks reported record quarterly profit, helped by rises in rates. Yet higher borrowing costs will create challenges for them, such as greater asset risks.
Singapore's three largest banks reported strong results for the first quarter of 2022. They will continue to benefit from recovering economic conditions.