Robust outlook for Singapore’s three biggest banks
iFast Financial particularly favours DBS for its strongest earning potential for continued shareholder rewards
SHARE prices of Singapore’s three largest banks – DBS, OCBC and UOB – reached record highs in November, driven by strong third-quarter 2024 earnings, which bolstered investor confidence in the local banking sector.
Their share prices were further supported by Donald Trump’s victory in the US presidential polls, with Singapore poised to benefit in the ongoing competition with Hong Kong to become Asia’s top financial hub. Amid rising geopolitical tensions between the US and China, Singapore is increasingly seen as a safe haven for foreign capital from both the West and China looking to invest and grow in Asia.
Even though the valuations of Singapore’s banks remain high, they continue to be a good investment, offering stability and serving as a refuge amid global market uncertainties heading into 2025.
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