SG Banks: BNP Paribas has Banks Report. Note that in 4Q10, DBS and UOB delivered better-than-expected results, while OCBC’s results were in line with expectations. Compensated by stronger loan traction and credit quality, Net interest margin is set to contract further in 1H11 due to depressed interest rate…
Expect a more balanced loan profile for 2011 as business loans return OCBC did the best given its consistent delivery, Reiterate Buy on OCBC, as grp remains house preferred pick for its good track record, differentiated franchise with niches in insurance, retail banking and private banking; and a well-articulated and executed set of corporate strategy.
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