SINGAPORE (Oct 29): Mitsubishi UFJ predicts Singapore banks’ asset quality will deteriorate in the coming quarters, but says it remains “comfortable” with the credit profiles of the three local banks.

Singapore’s three banks -- DBS Group, Oversea-Chinese Banking Corp. and United Overseas Bank -- have “strong capitalisation and robust risk management systems,” Mitsubishi says in a note after OCBC reports its third-quarter result.

The house notes that OCBC’s bad loans rose 28% on-quarter and 39% on-year to $1.86 billion, though from a very low base.

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