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Maybank stays upbeat on three local banks, sees better 2HFY2022

The Edge Singapore
The Edge Singapore5/1/2022 10:41 PM GMT+08  • 3 min read
Maybank stays upbeat on three local banks, sees better 2HFY2022
Maybank Securities’ Thilan Wickramasinghe sees better operational growth ahead for all three banks / Photo: Samuel Isaac Chua
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Maybank Securities’ Thilan Wickramasinghe is positive that the three local banks will see a stronger second half this year, thanks to better margins from higher rates.
In his April 29 note, Wickramasinghe calls the 1QFY2022 earnings reported by DBS Group Holdings and Oversea-Chinese Banking Corp as in line with consensus estimates, while that of United Overseas Bank was somewhat below because of weak trading income.

All three banks reported on April 29, and almost in sync, all three of them reported y-o-y earnings drop of 10%, largely due to a high base in 1QFY2021.

Despite the earnings drop, Wickramasinghe is seeing improvements ahead. “The sector is in the early phase of operational growth with rising net interest income supported by robust loans and improving net interest margins,” he explains.

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