SINGAPORE (July 21): The effect of regional lockdowns and economic downgrades are expected to surface among Singapore banks with significant drops in interest rates driving negative pressure on net interest margins (NIMs), though trading may be “a possible bright spot”, says Maybank analyst Thilan Wickramasinghe. 

While Wickramasinghe remains “positive” on the outlook of Singapore banks, he has given “buy” calls to DBS Group and UOB with target prices of $22.10 and $22.42 respectively, and “hold” on OCBC with a target price of $9.1467.

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