The earnings season is finally over for what will be known as one of the toughest years on record.
2020 will leave an indelible mark on investors who witnessed one of the worst pandemics in the last century.
The subsequent economic fallout swept across a wide range of industries like a devastating tsunami.
Singapore’s big three banks have not been immune to this damage.
DBS Group Holdings Ltd (SGX: D05), OCBC Ltd (SGX: O39) and United Overseas Bank Ltd (SGX: U11), or UOB, all reported sharply weaker earnings.
It was a double whammy as revenue was hit by lower net interest margins arising from the pervasive low-interest-rate environment, while net profit was adversely impacted by provisions made for potential bad loans.
However, all three banks’ CEOs sounded a note of optimism about 2021.
The vaccine rollout across the world and the approval of additional vaccines provided some light at the end of the tunnel....