Two of the largest banks in Singapore are expected to report a year-on-year drop in net profits for the first quarter, although their asset quality will remain resilient according to UOB Kay Hian.
Oversea-Chinese Banking Corporation is also forecasted to book a 3% yoy decline in net profit to $1.8b for the first quarter. On a quarterly basis, the estimated bottom line will represent a 12% increase from the previous three months. Despite rising interest rates, UOB Kay Hian expects the banks to keep the quality of their assets stable. DBS’s non-performing loan formation will likely stay benign with a stable NPL ratio of 1.1% for the first quarter.
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