Meanwhile, United Overseas Bank (SGX:U11
) (UOB) will see its net income increase by 1.1% y-o-y in 1QFY2025, albeit its slowest pace of growth since 2QFY2024, Yeap notes.
Ahead of the Singapore banks' 1QFY2025 results release, Yeap Jun Rong, market strategist at IG, expects DBS Group Holdings and Oversea-Chinese Banking Corporation's (OCBC) net incomes to decline on a y-o-y basis in the quarter ended March 31. This will be the banks' first y-o-y declines since 1QFY2022, Yeap writes.
DBS is likely to report a 4.4% y-o-y decline in net income of $2.95 billion while OCBC's net income is expected to drop by 5.7% y-o-y to $1.98 billion in the 1QFY2025.
