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
财富管理和財 treasury 收入將繼續成爲 FY25F 非利息收入（非-II）的主要驅動力
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.
預計銀行板塊將保持穩定，但來自FY25F更強淨利息差（NIMs）的收益增長似乎已經反映在估值中。
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財 treasury 收入將繼續成爲 FY25F 非利息收入（非-II）的主要驅動力，因爲客戶開始在利率和宏觀經濟條件變化的情況下部署現金資產管理（AUM）。
It also projected net profit changes for Singapore banks in FY25F to range from approximately -5% to +3% year-on-year.
它還預測新加坡銀行 FY25F 的淨利潤變化區間將從大約 -5% 到 +3% 的同比變化。
The higher-for-longer interest rate scenario is expected to support net interest margins (NIMs) in FY25F, though it may slightly dampen credit demand.
在較高的長期利率情景下，預計將支持 FY25F 的淨利差（NIMs），儘管這可能會稍微抑制信貸需求。
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.
儘管如此，預計同比改善將會出現，銀行預測 FY25F 的貸款增長將達到中到高的單個位數，相比之下，FY24F 的增長爲低單個位數。
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也預計手續費收入將穩步改善，特別是在信用卡收入方面。 $星展集團控股 (D05.SG)$ 和 $大華銀行 (U11.SG)$ ，在收購Citi零售資產後， 以及來自市場相關活動的影響。
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）可能會維持在 41-42% 區間，因爲銀行繼續關注成本紀律。
