SINGAPORE (Nov 20): JP Morgan downgrades DBS Group and Oversea-Chinese Banking Corp. to “neutral” from “overweight” and it expects analysts to cut their earnings estimates on Singapore’s banks amid higher credit costs, slower fee income growth and limited gains in net interest margins.

The house keeps its underweight view on United Overseas Bank.

It forecasts UOB’s non-performing loans will peak at 3.5%, OCBC at 2.4% and DBS at 1.9% by 2017.

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