The local banks report bumper profits this year. Two banks earns more than $1 billion each, and much higher than in previous years. Even a foreign bank report that they earn more than $500 million in Singapore.
They make higher profits from the following sources:
- fees from sale of insurance and structured products
- high margin on their lending vs cost of funds
This is good news for their shareholders. But it is not good news for their bank customers.
The customers probably get a low rate of interest on their savings, and pay high rates of interest on their loans and credit card rollovers.
Make the banks compete - by looking for better choices to earn higher returns on your money. You can also make better investments to earn several tens of thousands of dollars more!
Come and attend our educational seminar to learn how. Call 6877 3366.
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- Banks earn bumper profits
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