Singapore Banks - 1Q26 Result Wrap

Singapore's 1Q26 banking results show a clear divergence driven by wealth management performance, with DBS and OCBC outperforming UOB. Goldman Sachs maintains Buy ratings on DBS and OCBC while remaining Neutral on UOB.

Key Takeaways

• 1.Wealth management has become the primary differentiator for Singapore banks, with OCBC and DBS significantly outperforming UOB in fee income growth.
• 2.DBS and OCBC delivered 1Q26 earnings beats (2-5%) whereas UOB lagged with a 3% revenue miss relative to consensus.
• 3.Management guidance for 2026 remains broadly unchanged, with NII expected to see modest declines due to lower interest rate assumptions (SORA).

Table of Contents

• 1Q26 in six charts
• Valuation
• Price Target Risks and Methodology
• Disclosure Appendix

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