PhillipCapital analyst Tay Wee Kuang has maintained his “neutral” recommendation on the Singapore banking sector. He has also maintained “accumulate” calls on all three banks – DBS Group Holdings, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) with target prices of $21, $8.92, and $20.40, respectively.

While the three-month Singapore Interbank Offered Rate (SIBOR) and three-month Singapore Swap Offer Rate (SOR) held steady in the third quarter at 0.41% and 0.21% respectively, reported net interest margins (NIM) in 2Q20 are at historical lows.

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