Oversea-Chinese Banking Corp and United Overseas Bank will report second-quarter earnings on Wednesday, while DBS Group Holdings will do so on Thursday.
The earnings reports come as Singapore reports a renewed increase in daily Covid-19 infections. Stricter social-distancing measures imposed in early-May led to ain the second quarter compared to the previous three months, according to official advance estimates.
Given the continued threat of Covid — particularly the delta variant — on the economy, Singapore banks would likely keep provisions that they have set aside for potential loan losses, analysts said. "We do not believe banks will write back general provisions amidst the uncertain macroeconomic outlook," said Rui Wen Lim, an equity analyst at DBS Group Research.
Some banks in the U.S. and Europe have started releasing provisions in the second quarter, which helped boost their profitability.Shares of all three Singapore-listed banks have recorded double-digit gains this year as the global economic rebound from a pandemic-induced recession led investors favor to "cyclical" stocks.OCBC shares have risen 22.3% this year as of Monday — the largest gains among the banking trio. DBS and UOB have jumped by 21.3% and 15.7%, respectively.
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