- See Earnings Calendar – DBS to report 4Q25 earnings on 9 Feb, UOB on 24 Feb and OCBC on 25 Feb. We expect mixed sequential earnings with UOB posting growth off a low base, while DBS and OCBC are likely to be flat to negative.
- - Read this at SGinvestors.io -
- Costs and asset quality have low negative surprise risks. DBS and OCBC have higher upside risks for dividend surprises given strong capital buffers and write-backs.
NII finding a base with better loan growth.
- - Read this at SGinvestors.io -
- System loan were +5% y-o-y in 2025, ahead of our expectation. This was driven by rising construction, mortgage, SME lending. This is further support to NIMs.
- OCBC likely benefitted the most from strong gearing to domestic SMEs, followed by DBS from mortgages and large-corps. With the sector parking excess liquidity in HQLA, NII is unlikely to see material y-o-y contraction.
- For FY26, we expect guidance to shift from NIMs to NII, with Management’s expecting flat-to-positive NII growth.
NoII slower seasonally. Credit cards, loan fees positive.
- Read more at SGinvestors.io.
