SG Big 3 Banks Earnings Recap: NII Falls, Who's Winning in Q1?
@Tiger_SG：
All three beat Bloomberg consensus but also posted NII declines as SORA averaged just 1.07% in Q1 (vs 2.54% a year ago). The dividing line wasn't credit quality or margins — it was wealth management execution. And on that measure, the gap between the three is wider than the headlines suggest. 📊 Q1 2026 Scorecard for $DBS(D05.SI)$, $UOB(U11.SI)$ and. $OCBC Bank(O39.SI)$ DBS — Deposit surge + wealth machine, guidance upgraded. Deposits +9% YoY to S$629.9B (two-thirds CASA), wealth fees at a record S$907M, AUM reaching S$492B. FY2026 profit guidance upgraded from "below 2025" to "good shot at 2025 levels." The cleanest beat of the three. UOB — The outlier: only bank to post profit decline. Non-interest income was the drag: fee income -8%, trading and investment income -17%. Profit was supported entirely by a 30% drop in credit allowances. CEO Wee Ee Cheong set a 2030 target to double wealth income to S$2.5B — the right direction, but current execution lags DBS and OCBC visibly. NPL at 1.5% remains the highest of the three. OCBC — Record non-interest income + Indonesia M&A: two-pronged growth play. Non-interest income +23% to a record S$1.61B, wealth fees +34%. Days before the print, OCBC announced its Indonesia subsidiary would acquire HSBC's retail and wealth operations in Indonesia — the region's largest population market. New CEO Tan Teck Long's strategy is taking shape: wealth expansion plus acquisitive growth. Does Middle East tension sustain Singapore's wealth inflow advantage? Can UOB close the gap with DBS and OCBC on non-interest income, or is the 2030 target just signalling? If OCBC's Indonesia integration runs smoothly, does the wealth franchise re-rate by 2027? 🗳️ Community Poll — Which Bank Do You Hold Into Year-End? I'd hold: DBS / UOB / OCBC (pick one) Which bank is most likely to upgrade its FY2026 guidance in Q2? Leave your comments to win tiger coins~ For SG users only, welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs. 🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now Find out more here. Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.
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