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S'pore banks expect rate cuts, China stimulus to boost wealth business
The Straits Times
|October 15, 2024
Singapore banks' mainstay wealth businesses are set to drive growth in the near term on interest rate cuts and hopes of a revival in the Chinese economy, even as they are expected to post a quarter-on-quarter decline in earnings in the third quarter.
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Two of Singapore's top lenders, DBS and OCBC, are set to report falls of 3 per cent and 7.4 per cent in third-quarter profits respectively on subdued loan growth, London Stock Exchange Group estimates show.
DBS kicks off the bank reporting season on Nov 7, followed by OCBC on Nov 8.
While declining rates on bank term deposits will spur rich clients to turn to high-yield wealth management products, the impact of rate cuts and China stimulus will take time to play out and be reflected in the banks' earnings, Maybank Investment Banking Group's regional head of financials, Mr Thilan Wickramasinghe, said.
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