🦎 IGGY MORNING BRIEF, 7 AUGUST 2026

☕ Good morning, Iguanas. SGX opens at 9 am SGT. Both remaining local banks reported this morning, making them today’s focus.

SGX PRE-OPEN PULSE

USD/SGD: 1.2823. Brent: roughly steady at US$79.08 a barrel.

BANK RESULTS ON IGGY’S RADAR

🏦 OCBC Q2 net profit up 22% to S$2.22 billion

Easily beat the S$1.91 billion consensus, driven by non-interest income, which rose 51% to S$1.91 billion. Insurance income jumped 68% and trading income 85%. Net interest income slipped 1% as NIM compressed to 1.70% from 1.92%. The interim dividend rose to S$0.47 from S$0.41, a genuine increase. OCBC remains one of the strongest balance sheets among the three banks. I am checking whether the higher payout moves its trailing yield closer to my income threshold. Shares closed up 2.4% at S$29.33 before the announcement.

🏦 UOB Q2 net profit up 10% to S$1.48 billion

Slightly beat the S$1.45 billion consensus. Net fee income rose 5% to S$665 million on record wealth-management activity. The S$0.88 dividend looks lower than last year’s S$1.10 only because 2025 included a one-off S$0.25 special payment; the ordinary dividend actually rose from S$0.85. NIM fell to 1.74% from 1.91%. UOB also cut 2026 fee-income guidance to low-single-digit growth from its previous high-single-digit target. Shares closed up 1.2% at S$43.58.

IGGY’S GAME PLAN

Across three straight days of bank results, wealth-management fees are carrying earnings while NIMs compress. DBS showed higher rates holding for two quarters, OCBC raised its dividend, and UOB’s headline payout looks weaker only because of last year’s special payment. I want proper price and yield checks on all three before changing my view.

Not financial advice. Iggy’s Forensic Compliance Standards apply.