CGS International forecasts a −3 bps sequential NIM decline, driven by falling SORA and HIBOR. 3-month SORA dropped sharply since the start of the year. DBS had already guided for SORA at 1.25% and two Fed rate cuts in 2026 — any rate path deviation will move guidance.
SG Banks Q1: NII Under Pressure, Who Held Up on Wealth Management?
All three beat Bloomberg consensus, but for different reasons: DBS and OCBC outperformed on wealth management, while UOB defended earnings through lower credit provisions. With SORA averaging 1.07% in Q1 versus 2.54% a year earlier, NII compression across the board is a foregone conclusion. The real question is which bank's wealth management narrative can sustain momentum in the second half — after these three reports, which do you favor?
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