This is in contrast to her counterparts. During their respective 3QFY2023 briefings, DBS Group Holdings’ (SGX:D05
) group CEO Piyush Gupta said he thinks DBS’s NIM peaked in the quarter. United Overseas Bank (SGX:U11) ’s (UOB) deputy chairman and group CEO Wee Ee Cheong expects FY2024 NIM to remain at its current levels, adding that UOB will manage its balance sheet to keep the figure stable.
With more market observers betting that the US Federal Reserve is done raising rates, there is a growing view that banks will no longer enjoy the bumper interest income they have had since the rate hikes started.
Nonetheless, Helen Wong, group CEO of Oversea-Chinese Banking Corporation (OCBC) (SGX:O39) , expects the bank’s current net interest margins (NIMs) to hold steady through 1HFY2024 ending June 2024. Speaking at the release of the bank’s 3QFY2023 results on Nov 10, Wong thinks NIMs will stay “at current levels for the first half, barring unforeseen circumstances”.
