CGS International forecasts a −3 bps sequential NIM decline, driven by falling SORA and HIBOR. 3-month SORA dropped sharply since the start of the year. DBS had already guided for SORA at 1.25% and two Fed rate cuts in 2026 — any rate path deviation will move guidance.
UOB Profit Beats but Revenue Pressured: Can OCBC Wealth Fees Surprise?
UOB posted Q1 net profit of S$1.44B, down 4% year-on-year but above the S$1.39B consensus; net interest margin compressed from 2.00% to 1.82%, with both net interest and non-interest income declining — a stark contrast to DBS, which beat on record non-interest revenue. The bright spots were a 30% drop in credit loss provisions and an improvement in NPL ratio from 1.6% to 1.5%, with management maintaining full-year NIM guidance of 1.75–1.80%. DBS beat via wealth management, UOB beat via cost discipline — can OCBC carve out a third path tomorrow?
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