SINGAPORE’S local banks are unlikely to surprise in their earnings for the first quarter of 2024. But a potential delay in interest-rate cuts in the US should boost their results for the year, said analysts.

The local banking trio are due to report their Q1 results in early May – beginning with DBS on May 2, followed by UOB on May 8, and then OCBC on May 10.

The overall earnings momentum will likely flatline in Q1 from a combination of peaking net interest income and slower non-interest income recovery, said Thilan Wickramasinghe, head of Singapore research and regional head of financials at Maybank Investment Banking Group.