Singapore banks unlikely to surprise at Q1 earnings, but expect upside from delayed rate cuts: analysts

Singapore banks unlikely to surprise at Q1 earnings, but expect upside from delayed rate cuts: analysts

April 28, 2024 / Riah Marton /


SINGAPORE’S local banks are unlikely to surprise in their earnings for the first quarter of 2024. But a potential delay in interest-rate cuts in the US should boost their results for the year, said analysts.

The local banking trio are due to report their Q1 results in early May – beginning with DBS on May 2, followed by UOB on May 8, and then OCBC on May 10.

The overall earnings momentum will likely flatline in Q1 from a combination of peaking net interest income and slower non-interest income recovery, said Thilan Wickramasinghe, head of Singapore research and regional head of financials at Maybank Investment Banking Group.

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Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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