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DBS, OCBC and UOB brace for tariff fallout despite steady Q1 results

All three banks set aside additional pre-emptive allowances to strengthen their reserves, even as they stressed that asset quality remains stable

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Renald Yeo

Renald Yeo

Published Tue, May 13, 2025 · 05:00 AM
    • The banks stressed that the greater concern lies not in the direct impact of tariffs, but in the secondary effects.
    • The banks stressed that the greater concern lies not in the direct impact of tariffs, but in the secondary effects. PHOTO: TAY CHU YI, BT

    [SINGAPORE] Uncertainty from US tariffs loomed large as Singapore’s three local banks reported their first-quarter results over the past week.

    The macroeconomic jitters were significant enough for UOB to suspend its earnings guidance for 2025, although DBS and OCBC have kept theirs unchanged for now.

    All three banks also set aside additional pre-emptive allowances to strengthen their reserves, even as they stressed that asset quality remains stable.

    DBSOCBCUOBFinancial resultsSingapore banksTrump tariffs

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