RHB Group Research is maintaining its “overweight” stance on the banking sector amid expectations that Singapore banks’ robust performance in 1H2021 will extend into the second half of the year.

“The recent movement restrictions’ impact should be moderate,” the analysts elaborate in a July 2 note.

The team’s stance follows the Monetary Authority of Singapore’s (MAS) recent announcement that the republic’s 2021 gross domestic product (GDP) growth range should exceed the upper end of its 4% to 6% forecast range.

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