Since July 1, UOB has surged 11.9%. Until July, UOB’s performance had lagged DBS and OCBC's. The banks announce their 1H2026 results on Aug 6 and 7.
Inevitably, the red-hot rally in local banks is likely to cool during the week of July 13-17. As a counterpoint, the Singapore market’s rally has started to broaden, with Keppel starting the next stage of its uptrend.
But what could have changed at the banks that caused this rally? All three banks have rallied. Year-to-date OCBC is up 39%; DBS has broken all records by being the first local company to attain a market capitalisation of $200 billion; UOB has gained 26.6% this year compared to DBS’s 25%.
