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Singapore banks primed for headwinds after earnings beat

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The outlook is also clouded by a weakening Singapore economy that’s vulnerable to the fallout from the US-China trade war, which escalated again overnight. FMTNews

“The Singapore banks are relatively well-positioned to weather the macro uncertainties,” Krishna Guha, an analyst at Jefferies in Singapore, said on Bloomberg Television.

UOB and OCBC both posted increases in interest income, joining DBS in enjoying a boost from lending. The three firms also saw higher fees from wealth business. At a news briefing, he said net interest margins are likely to keep rising in the third quarter before flattening later in the year.

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