Finance sector's average profit jumps 7.9% to $811.5m
Businesses also see positive growth in net profit and employment.
Companies in the finance sector were the most profitable in 2018, with an average profit per company of $811.5m, according to a report by Experian’s arm DP Information Group (DP Info) and EY.
The electricity/gas/water segment recorded the largest increase in average profits per company with 30.2% year-on-year (yoy) to $198.8m. It is followed by commerce/wholesale sector with an average profits per company increase of 29.4% yoy to $106.4m.
Meanwhile, an earlier report from the Singapore Commercial Credit Bureau revealed that financial firms are positive that their net profit will increase 7.69 percentage points in Q2 2018. They also expect the highest growth to employment with 34.62 percentage points.