Here's the main drag.
According to OCBC Investment Research, DBS is releasing its 1Q14 results on 30 Apr 2014. OCBC is expecting 1Q net earnings of S$871m, down 8% YoY and 11% QoQ.
We expect softer Non-interest Income to be the main drag, down 16% QoQ, while Net Interest Income is likely to remain flat QoQ. This will be partly mitigated by marginally lower operating expenses and lower allowances.
However, we are retaining our overall full year earnings estimate of S$3785m for FY14. DBS remains our top pick in the banking sector and we expect the share price has already captured most of the negatives linked to the Singapore property market.
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