Singapore Banks' Earnings Momentum Likely Slowing -- Market Talk

Dow Jones01-31

0345 GMT - Singapore banks are likely to offer more conservative guidance for 2024, particularly for loan growth, net interest margin and asset quality, Maybank analyst Thilan Wickramasinghe says in a note. Maybank expects the Singapore banking sector to report slowing overall earnings momentum for 4Q 2023 due to softer interest income and noninterest income. Meanwhile, "weak growth in North Asia, high financing costs, corporate repayments and a strong SGD is likely to keep loan growth negative," it adds. Maybank maintains a neutral rating on the sector. DBS and United Overseas Bank have the highest potential to surprise with special dividends given high capital levels and limited M&A likelihood in the short term, Maybank says. (hoishan.chan@wsj.com)

(END) Dow Jones Newswires

January 30, 2024 22:45 ET (03:45 GMT)

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Maybank maintains a neutral rating on the sector. DBS and United Overseas Bank have the highest potential to surprise with special dividends given high capital levels and limited M&amp;A likelihood in the short term, Maybank says. 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