Bottoming out: Singapore banks’ earnings upgrades signal turning point

Broad optimism: Net income estimates for DBS have risen by 8% on average over the past 30 days, the highest among Asian banks.—Reuters

SINGAPORE: Singapore banks are seeing a sharp upgrade to next year’s earnings estimates as wealth management fees surge and losses on coronavirus-related loans ease, pointing to a recovery in Asia’s banking industry.

Net income estimates for DBS, Oversea-Chinese Banking Corp and United Overseas Bank for 2021 have risen by 8% on average over the past 30 days, the highest among Asian banks, Refinitiv data showed.