{
  "id": 11343375,
  "title": "Why UOB has the most to gain from stronger Singdollar rates: Macquarie",
  "url": "https://urgent.news/2026/10/02/why-uob-has-the-most-to-gain-from-stronger-singdollar-rates-macquarie",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-02T02:40:02.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/banking-finance/why-uob-has-most-gain-stronger-singdollar-rates-macquarie"
  },
  "original_language": "en",
  "account": "Macquarie Equity Research believes United Overseas Bank (UOB) stands to gain the most from rising Singapore dollar interest rates. As of Sep 30, the three-month compounded SGD overnight rate averaged 1.4%, compared to 1% at the beginning of the year. This is projected to increase to about 1.44% in the first quarter of 2027, owing to a strengthening US dollar driven by a hawkish Federal Reserve. UOB is particularly leveraged to this trend, with 43% of its loans in SGD and 66% of its revenue from net interest income, according to Macquarie's Jayden Vantarakis. In contrast, DBS and OCBC have 37% and 58% of their loans in SGD, respectively, with loan-to-deposit ratios of 71.6% - the highest in over three years. UOB's price-to-earnings multiple is also 28% lower than DBS and OCBC, and its price-to-book multiple is 49% lower. Macquarie, which maintains an \"outperform\" rating on all three banks, prefers UOB over DBS and OCBC. While DBS benefits from high return on equity, strong capital management, and a rising rate environment, OCBC gains from strong momentum in its wealth franchises.",
  "summary": "The bank is set to enjoy the biggest boost from improving Singdollar interest rates",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}