0202 GMT - Singapore banks' 3Q earnings are expected to remain healthy from higher wealth management fees, Paul Chew, head of research at Phillip Securities Research, says in a note. This is due to customers shifting out of low-margin deposits, a pickup in loan growth and improvement in trading income from a spike in foreign-currency volatility, he adds. Banks should maintain their interest margins until 1H 2025, Chew says, as they have locked in longer-term securities with their excess deposits. "The cost of funds has more room to decline with the higher composition of fixed deposits," he says. The brokerage's preference shifts to UOB due to its higher proportion of fixed deposits and lower exposure to Hong Kong commercial property.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
October 01, 2024 22:03 ET (02:03 GMT)
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