- Maintain NEUTRAL on SG Banks. Top Picks: DBS, OCBC.
- Singapore banks under our coverage (SG Banks) reported 4Q25 results that broadly met estimates. Looking ahead, SG Banks guidance points to a modest operating environment ahead but the recent rise in geopolitical tensions has likely injected further volatility to the outlook.
- - Read this at SGinvestors.io -
4Q25 results broadly in line.
- SG Banks posted a +1% q-o-q growth in 4Q25 PATMI (-6% y-o-y) as the normalisation of credit cost at UOB helped cushion a seasonally softer period for non-II.
- - Read this at SGinvestors.io -
- As for dividends, both DBS's dividends and OCBC's dividends met estimates, but UOB's dividends was a slight miss.
Lower loan provisions cushion weaker operating income q-o-q.
- Read more at SGinvestors.io.
