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Singaporean (SGX) Banks Industry Analysis

UpdatedJul 14, 2026
DataAggregated Company Financials
Companies3
  • 7D6.9%
  • 3M20.9%
  • 1Y47.8%
  • YTD29.1%

In the last week, the Banks industry is up 6.9%, with all of the companies up. This means that the industry has gained 48% over the past year. Earnings are forecast to grow by 6.1% annually.

Industry Valuation and Performance

Has the Singaporean Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Jul 2026S$397.1bS$48.0bS$22.9b16.6x17.3x8.3x
Thu, 11 Jun 2026S$342.6bS$48.0bS$22.9b14x15x7.1x
Sat, 09 May 2026S$325.6bS$47.9bS$22.8b13.4x14.3x6.8x
Mon, 06 Apr 2026S$324.9bS$47.8bS$22.8b13.7x14.2x6.8x
Wed, 04 Mar 2026S$312.8bS$47.8bS$23.0b12.8x13.6x6.5x
Fri, 30 Jan 2026S$329.4bS$47.8bS$23.1b13.6x14.3x6.9x
Sun, 28 Dec 2025S$306.5bS$47.8bS$23.1b12.3x13.3x6.4x
Tue, 25 Nov 2025S$288.7bS$47.8bS$23.1b11.9x12.5x6x
Thu, 23 Oct 2025S$282.5bS$49.1bS$24.4b10.4x11.6x5.7x
Sat, 20 Sep 2025S$274.6bS$49.1bS$24.4b10.1x11.3x5.6x
Mon, 18 Aug 2025S$276.2bS$49.1bS$24.4b10.4x11.3x5.6x
Wed, 16 Jul 2025S$268.3bS$49.0bS$24.5b10.3x10.9x5.5x
Fri, 13 Jun 2025S$257.9bS$49.0bS$24.5b9.8x10.5x5.3x
Sun, 11 May 2025S$255.3bS$49.0bS$24.6b9.8x10.4x5.2x
Tue, 08 Apr 2025S$236.8bS$48.8bS$24.7b9.3x9.6x4.8x
Thu, 06 Mar 2025S$270.8bS$48.8bS$24.8b10.6x10.9x5.5x
Sat, 01 Feb 2025S$267.6bS$48.3bS$24.2b10.8x11.1x5.5x
Mon, 30 Dec 2024S$258.2bS$48.3bS$24.2b10.4x10.7x5.4x
Wed, 27 Nov 2024S$251.8bS$48.3bS$24.2b10.5x10.4x5.2x
Fri, 25 Oct 2024S$235.4bS$46.9bS$23.5b9.7x10x5x
Sun, 22 Sep 2024S$235.6bS$46.9bS$23.5b9.9x10x5x
Tue, 20 Aug 2024S$216.8bS$46.9bS$23.5b9.2x9.2x4.6x
Thu, 18 Jul 2024S$229.6bS$46.2bS$23.1b9.9x10x5x
Sat, 15 Jun 2024S$215.7bS$46.2bS$23.1b9.2x9.4x4.7x
Mon, 13 May 2024S$215.1bS$46.2bS$23.1b9.1x9.3x4.7x
Wed, 10 Apr 2024S$204.2bS$45.3bS$22.7b8.8x9x4.5x
Fri, 08 Mar 2024S$193.4bS$45.4bS$22.7b8.4x8.5x4.3x
Sun, 04 Feb 2024S$189.4bS$45.1bS$22.6b8.3x8.4x4.2x
Tue, 02 Jan 2024S$192.2bS$45.1bS$22.6b8.5x8.5x4.3x
Thu, 30 Nov 2023S$184.6bS$45.1bS$22.6b8.1x8.2x4.1x
Sat, 28 Oct 2023S$188.0bS$43.9bS$21.9b8.6x8.6x4.3x
Mon, 25 Sep 2023S$189.7bS$43.9bS$21.9b8.6x8.7x4.3x
Wed, 23 Aug 2023S$185.9bS$43.9bS$21.9b8.5x8.5x4.2x
Fri, 21 Jul 2023S$188.3bS$41.3bS$20.3b9.2x9.3x4.6x
Price to Earnings Ratio

9.3x


Total Market Cap: S$188.3bTotal Earnings: S$20.3bTotal Revenue: S$41.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Banks Industry Price to Earnings3Y Average 10.8x202420252026
Current Industry PE
    There are only 3 companies in the Singaporean Banks industry, so there is insufficient data to make an industry-wide assessment of both the PE and PS ratio.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 4.1% per year over the last three years.
  • Revenues for these companies have grown 5.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Singaporean Financials industry?

SG Market2.69%
Financials6.59%
Banks6.91%
Diversified Banks6.91%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 10.8x.
    • Analysts are expecting annual earnings growth of 6.1%, which is higher than its past year's earnings decline of 1.9% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.8x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 6.1% over the next 5 years.
  • This is better than its past earnings decline of 1.9% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 6.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
D05 DBS Group HoldingsS$70.795.8%
+S$11.0b		52.9%PB2.9x
O39 Oversea-Chinese BankingS$27.487.8%
+S$8.9b		61.6%PB2x
U11 United Overseas BankS$43.988.5%
+S$5.7b		19.3%PB1.5x

Latest News

D05
S$70.79
DBS Group Holdings
7D
5.8%
1Y
52.9%
Narrative Update • Jul 09

D05: Future Income Stability And Dividend Returns Will Support Fair Valuation

Analysts have raised their fair value estimate for DBS Group Holdings from SGD 70.00 to SGD 73.50, citing updated assumptions for revenue growth, profit margin, discount rate, and future P/E. What’s in the News for DBS Group Holdings DBS Group Holdings shareholders approved a one tier tax exempt final dividend of 66 cents per ordinary share for the year ended 31 December 2025 at the annual general meeting held on 31 March 2026.
O39
S$27.48
Oversea-Chinese Banking
7D
7.8%
1Y
61.6%
New Narrative • Jul 09

Fee Reliance And Rising Costs Will Challenge Long-Term Earnings Sustainability

Catalysts About Oversea-Chinese Banking Oversea-Chinese Banking operates a diversified banking, wealth management and insurance group across Singapore, ASEAN and selected international markets. What are the underlying business or industry changes driving this perspective?
U11
S$43.98
United Overseas Bank
7D
8.5%
1Y
19.3%
Narrative Update • Jul 08

U11: Future Returns Will Reflect AI Collaboration And Asset Management Divestment Potential

Analysts have revised their price target for United Overseas Bank to SGD 40.53 from SGD 39.07. This change reflects updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples.