MAS posts $3.8b net profit in FY23/24

It made investment gains of $12.7b.

The Monetary Authority of Singapore (MAS) has reported a net profit of $3.8b for FY2023/24. 

MAS Managing Director Chia Der Jiun said this includes $12.7b in investment gains from interest income, dividends, and realised capital gains, and a $1.7b positive currency translation effect due to the appreciation of major foreign currencies against the Singapore Dollar. These gains were partly offset by S$10.6 billion in costs related to money market operations and other expenses.

"The small positive currency translation effect of $1.7b arose as the Euro, Pound Sterling and US Dollar strengthened against the Singapore Dollar, when we report MAS’ Official Foreign Reserves, held in foreign currencies, in Singapore Dollars," he noted.

Chia said Singapore's economic growth is expected to strengthen this year, with major sectors returning to pre-pandemic levels and GDP growth projected to be between 2% and 3%.

Additionally, the nation’s financial sector has also demonstrated resilience and progress across various segments, including asset management, wealth management, debt markets, insurance, and banking throughout 2023.