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Singapore banks’ 3Q21 earnings to hold steady: CGS-CIMB

Atiqah Mokhtar
Atiqah Mokhtar10/19/2021 3:50 PM GMT+08  • 3 min read
Singapore banks’ 3Q21 earnings to hold steady: CGS-CIMB
CSG-CIMB's top pick for the sector is UOB.
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CGS-CIMB Research analysts Andrea Choong and Lim Siew Khee have kept their “neutral” rating for Singapore banks in the lead up to 3QFY2021 ended September results announcements.

United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC) will be announcing their results on Nov 3, while DBS Bank will be announcing its results on Nov 5.

Overall, Choong and Lim expect the banks’ earnings to stay stable until the US Federal Reserve’s rate hikes begin. “We expect 3Q2021 to be a marked quarter of stabilising operating trends across Singapore banks, coming off an extended period of significant net interest margin compression, a build-up of management overlays on impairment provisions, and exceptional treasury income,” they remark in an Oct 18 research note.

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