A recap of Singapore banks’ results are as follows: sector operating income eased 1% q-o-q (+5% y-o-y) mainly due to lower non-interest income (NII) on the back of T&I income moderating from the 1QFY2024 high base.
RHB Bank Singapore has maintained its “neutral” call on Singapore banks, as impending interest rate cuts take the spotlight off the 2QFY2024 results. Analysts have named DBS Bank as their top pick for the sector.
Singapore banks’ results were a slight beat on milder-than-expected q-o-q decline in trading and investment (T&I) income while opex and credit cost tracked below estimates, says RHB analysts.
