Stable Banking Sector Sees Limited Upside From NIM-driven Earnings
Stable Banking Sector Sees Limited Upside From NIM-driven Earnings
It also projected net profit changes for Singapore banks in FY25F to range from approximately -5% to +3% year-on-year.Wealth management and treasury income will remain key drivers of non-interest income (non-II) in FY25F
财富管理和财 treasury 收入将继续成为 FY25F 非利息收入（非-II）的主要驱动力
The banking sector is expected to remain stable, but the earnings upside from stronger net interest margins (NIMs) in FY25F appears already factored into valuations.
预计银行板块将保持稳定，但来自FY25F更强净利息差（NIMs）的收益增长似乎已经反映在估值中。
CGSI stated that wealth management, and to a lesser extent treasury income, will remain key drivers of non-interest income (non-II) in FY25F as customers begin deploying cash assets under management (AUM) amid shifting interest rates and macroeconomic conditions.
CGSI 表示，财富管理以及在一定程度上财 treasury 收入将继续成为 FY25F 非利息收入（非-II）的主要驱动力，因为客户开始在利率和宏观经济条件变化的情况下部署现金资产管理（AUM）。
It also projected net profit changes for Singapore banks in FY25F to range from approximately -5% to +3% year-on-year.
它还预测新加坡银行 FY25F 的净利润变化区间将从大约 -5% 到 +3% 的同比变化。
The higher-for-longer interest rate scenario is expected to support net interest margins (NIMs) in FY25F, though it may slightly dampen credit demand.
在较高的长期利率情景下，预计将支持 FY25F 的净利差（NIMs），尽管这可能会稍微抑制信贷需求。
Despite this, YoY improvement is anticipated, with banks projecting mid-to-high single-digit loan growth in FY25F, compared to low single-digit growth in FY24F.
尽管如此，预计同比改善将会出现，银行预测 FY25F 的贷款增长将达到中到高的单个位数，相比之下，FY24F 的增长为低单个位数。
CGSI also expects Fee income to see steady improvement, particularly in credit card revenues for $DBS (D05.SG)$ and $UOB (U11.SG)$ , following their acquisitions of Citi retail portfolios, as well as from market-related activities.
CGSI也预计手续费收入将稳步改善，特别是在信用卡收入方面。 $星展集团控股 (D05.SG)$ 和 $大华银行 (U11.SG)$ ，在收购Citi零售资产后， 以及来自市场相关活动的影响。
Cost-to-income (CTI) ratios are likely to remain in the 41-42% range as banks continue to focus on cost discipline.
成本收入比（CTI）可能会维持在 41-42% 区间，因为银行继续关注成本纪律。
