Singapore Banks - RHB Invest 2024-08-23: Impending Rate Cuts Take Spotlight Off Results

• Amid a scenario of flattish earnings as the interest rate cycle turns, we think the focus should be on dividend yields and dividend growth. Maintain NEUTRAL rating for singapore banking sector. Our preferred pick is DBS (SGX:D05) for capital management.
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2Q24 results were a slight beat

• Singapore banks’ (SG Banks) 2Q24 results were a slight beat on a milder-than-expected q-o-q decline in trading and investment (T&I) income, while opex and credit cost tracked below estimates. DBS and OCBC posted results that exceeded our and consensus’ expectations on the abovementioned reasons, while UOB’s results were in line.
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Moderating non-II sees 2Q24 PATMI slip q-o-q.

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-08-23 SGinvestors.io

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