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Singaporean (SGX) Banks Industry Analysis

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies3
  • 7D0.9%
  • 3M10.1%
  • 1Y38.3%
  • YTD15.2%

Over the last 7 days, the Banks industry has risen 1.3%, driven by gains from Oversea-Chinese Banking of 1.9%. In the last 12 months, the industry was up 37%. Looking forward, earnings are forecast to grow by 6.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Jun 2026S$354.5bS$48.0bS$22.9b14.7x15.5x7.4x
Fri, 15 May 2026S$335.7bS$48.0bS$22.9b13.9x14.7x7x
Sun, 12 Apr 2026S$325.5bS$47.8bS$22.8b13.7x14.3x6.8x
Tue, 10 Mar 2026S$304.8bS$47.8bS$23.0b12.5x13.3x6.4x
Thu, 05 Feb 2026S$328.4bS$47.8bS$23.1b13.6x14.2x6.9x
Sat, 03 Jan 2026S$307.4bS$47.8bS$23.1b12.4x13.3x6.4x
Mon, 01 Dec 2025S$293.0bS$47.8bS$23.1b11.9x12.7x6.1x
Wed, 29 Oct 2025S$287.1bS$49.1bS$24.4b10.4x11.8x5.8x
Fri, 26 Sep 2025S$272.6bS$49.1bS$24.4b10x11.2x5.5x
Sun, 24 Aug 2025S$278.9bS$49.1bS$24.4b10.4x11.5x5.7x
Tue, 22 Jul 2025S$273.4bS$49.0bS$24.5b10.5x11.1x5.6x
Thu, 19 Jun 2025S$255.7bS$49.0bS$24.5b9.7x10.4x5.2x
Sat, 17 May 2025S$259.4bS$49.0bS$24.6b10x10.5x5.3x
Mon, 14 Apr 2025S$230.0bS$48.8bS$24.7b9.1x9.3x4.7x
Wed, 12 Mar 2025S$263.3bS$48.8bS$24.8b10.3x10.6x5.4x
Fri, 07 Feb 2025S$265.6bS$48.3bS$24.2b10.7x11x5.5x
Sun, 05 Jan 2025S$259.6bS$48.3bS$24.2b10.5x10.7x5.4x
Tue, 03 Dec 2024S$254.7bS$48.3bS$24.2b10.5x10.5x5.3x
Thu, 31 Oct 2024S$232.1bS$46.9bS$23.5b9.6x9.9x4.9x
Sat, 28 Sep 2024S$228.8bS$46.9bS$23.5b9.6x9.8x4.9x
Mon, 26 Aug 2024S$218.2bS$46.9bS$23.5b9.2x9.3x4.7x
Wed, 24 Jul 2024S$227.6bS$46.2bS$23.1b9.9x9.9x4.9x
Fri, 21 Jun 2024S$215.7bS$46.2bS$23.1b9.2x9.4x4.7x
Sun, 19 May 2024S$217.2bS$46.2bS$23.1b9.1x9.4x4.7x
Tue, 16 Apr 2024S$203.3bS$45.3bS$22.7b8.8x9x4.5x
Thu, 14 Mar 2024S$195.0bS$45.4bS$22.7b8.5x8.6x4.3x
Sat, 10 Feb 2024S$189.2bS$45.3bS$22.4b8.4x8.4x4.2x
Mon, 08 Jan 2024S$189.8bS$45.1bS$22.6b8.4x8.4x4.2x
Wed, 06 Dec 2023S$183.3bS$45.1bS$22.6b8.1x8.1x4.1x
Fri, 03 Nov 2023S$186.4bS$44.0bS$21.8b8.5x8.5x4.2x
Sun, 01 Oct 2023S$192.0bS$43.9bS$21.9b8.7x8.8x4.4x
Tue, 29 Aug 2023S$189.0bS$43.9bS$21.9b8.6x8.6x4.3x
Thu, 27 Jul 2023S$191.3bS$41.3bS$20.3b9.3x9.4x4.6x
Sat, 24 Jun 2023S$183.3bS$41.3bS$20.3b9.1x9x4.4x
Price to Earnings Ratio

9x


Total Market Cap: S$183.3bTotal Earnings: S$20.3bTotal Revenue: S$41.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Banks Industry Price to Earnings3Y Average 10.6x202420252026
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 Market1.90%
Financials1.55%
Banks0.85%
Diversified Banks0.85%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 10.6x.
    • Analysts are expecting annual earnings growth of 6.0%, 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 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 6.0% 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 6.0% 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
O39 Oversea-Chinese BankingS$24.261.9%
+S$2.1b		50.8%PB1.7x
U11 United Overseas BankS$39.001.6%
+S$1.0b		11.6%PB1.3x

Latest News

U11
S$39.00
United Overseas Bank
7D
1.6%
1Y
11.6%
Narrative Update • Jun 16

U11: Future Returns Will Reflect AI Partnership And Asset Management Sale Talks

Analysts have nudged their SGD price target for United Overseas Bank higher from SGD 38.65 to SGD 39.07, citing updated assumptions that include slightly adjusted discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Allianz Global Investors has entered exclusive talks to acquire United Overseas Bank’s asset management business, with discussions ongoing and no certainty that a final agreement will be reached, according to Bloomberg.
D05
S$63.73
DBS Group Holdings
7D
-0.05%
1Y
43.3%
O39
S$24.26
Oversea-Chinese Banking
7D
1.9%
1Y
50.8%
Narrative Update • Jun 04

O39: Future Performance Will Reflect Stable Margins And Dividend Support At Fair Valuation

Analysts have raised their price target for Oversea-Chinese Banking to SGD22.94 from SGD20.76, citing updated assumptions that incorporate the latest revenue growth outlook, profit margin estimates and future P/E expectations. What's in the News Oversea-Chinese Banking Corporation Limited proposed a special one-tier tax exempt dividend of $0.16 per ordinary share for the financial year ended 31 December 2025, to be tabled at its AGM on 16 April 2026.