SINGAPORE (June 29): The three Singapore banks reported double-digit y-o-y earnings growth for the first quarter. Harsh Modi, an analyst at JPMorgan who covers the banking sector for South Asia and Asean, expects the momentum to continue for the rest of the year.

For 1QFY2018, DBS Group Holdings reported a net profit of $1.52 billion, up 26% y-o-y and 25% q-o-q; Oversea-Chinese Banking Corp (OCBC) reported a net profit of $1.11 billion, up 29% y-o-y and 8% q-o-q; and United Overseas Bank announced a net profit of $978 million, up 21% y-o-y and 14% q-o-q.

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