Singapore banks on track to post 6-8% earnings growth in FY12

DBS is Nomura's top pick.

According to Nomura, Singapore banks still appear on track to deliver 6-8% FY12F earnings growth on undershooting credit costs and resilient fee income growth.

Here's more from Nomura:

We think that our top pick DBS (Buy, TP: SGD18.3) is attractive due to its broad franchise momentum and overly discounted (c.1x book) valuation to peers; its bid for Bank Danamon faces regulatory uncertainty but organic growth drivers are strong. UOB’s positive combination of NIM/LDR traction, coupled with solid capital and liquidity (especially USD), should reinforce its defensive attraction.

YTD deposit growth at 4.27% in September
System deposits grew 6.46% y-y in September (Aug: 7.66%), with deposits from Singapore residents growing 8.14% y-y (Aug: 8.93%) while deposits from non-residents expanded 3.77%y-y. The yield curve flattened moderately in Aug-Oct, with the 10-year losing 4bps in Oct, while the shorter three-month interbank was stable.



More From Singapore Business Review
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3722-0.0042-0.31%
    USDSGD=X
    1.4740-0.0159-1.07%
    EURSGD=X
    2.0341-0.0035-0.17%
    GBPSGD=X
    87.4927+0.2034+0.23%
    SGDJPY=X
    5.6493+0.015+0.27%
    SGDHKD=X
    2.7016+0.0037+0.14%
    SGDMYR=X
    9,521.2148+4.7178+0.05%
    SGDIDR=X
    4.5174+0.0061+0.13%
    SGDCNY=X
    1.0440-0.0091-0.87%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,183.30-1.50-0.13%
    GCJ15.CMX
    16.64-0.04-0.23%
    SIK15.CMX
    65.50-1.02-1.54%
    ^XAU
    2.74-0.04-1.56%
    HGK15.CMX
    47.49-1.19-2.44%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.38-0.04
    ^FVX
    1.93-0.03
    ^TNX
    2.54-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2850.0000.00%
    5WA.SI
    0.172+0.002+1.18%
    5GB.SI
    0.131-0.003-2.24%
    E13.SI
    0.183+0.016+9.58%
    A50.SI
    0.425-0.010-2.30%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.15+0.04+36.36%
    5IF.SI
    0.148+0.018+13.85%
    L10.SI
    0.155+0.018+13.14%
    K14.SI
    0.139+0.016+13.01%
    P36.SI
    0.169+0.019+12.67%
    5PI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.03-23.61%
    5GF.SI
    0.22-0.03-12.00%
    O08.SI
    0.22-0.03-10.20%
    5WJ.SI
    0.116-0.013-10.08%
    V69.SI
    0.29-0.03-9.38%
    40U.SI