Shares of Major Singapore Banks Hit Record Highs on Prospect of Stronger Earnings

Dow Jones17:39

0939 GMT - Shares of Singapore's three major banks finished at record highs, leading gains on the FTSE Straits Times Index. Oversea-Chinese Banking Corp.'s shares gained the most, closing 3.3% higher at 26.34 Singapore dollars. DBS Group ended 2.6% higher at S$68.64, while United Overseas Bank added 2.9% to S$41.69. Citi analyst Tan Yong Hong expects the three banks' profits to grow around 10% each in 2027 after three years of largely stable bottom lines, buoyed by better loan-growth prospects. He expects NIMs to recover toward 2019 levels, as system excess liquidity is consumed. Citi raises its target price for DBS to S$73.50 from S$65.00; for OCBC to S$28.40 from S$24.50; and for UOB to S$41.50 from S$37.40. (megan.cheah@wsj.com)

 

(END) Dow Jones Newswires

July 07, 2026 05:39 ET (09:39 GMT)

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