Chart of the Day: See which among Singapore banks reaped big gains from China
1Q earnings boosted mainly by China exposure.
What stood out in first-quarter results was the strong earnings kicker emanating from Greater China. Maybank Kim Eng noted that this was the main reason for the strong earnings beat at DBS and OCBC.
Here's more:
The impact came through via an expanding NIM, strong loan growth and larger fee income. Being the least exposed to Greater China, UOB did not benefit as much. This, in large part, explains its weaker earnings growth. In recent years, Singapore banks’ fortunes are increasingly more dependent on Greater China.