The Fed has raised rates again. We compare DBS, OCBC and UOB to see how higher SORA could affect net interest margins (NIM), earnings and dividends. What happened? Singapore bank shares are back in focus after the US Federal Reserve raised interest rates for the first time since 2023. At its 16 September 2026 meeting, the Fed raised its target range by 25 basis points to 3.75%–4.00%, marking a shift from the previous trend of falling rates that had put pressure on Singapore banks’ net interest margins. If higher US interest rates put upward pressure on Singapore dollar rates such as SORA, bank loan yields and net interest margins (NIMs) could start to recover. Against this backdrop, we previously compared DBS, OCBC and UOB with Singapore REITs, looking beyond headline dividend yields at factors such as income sustainability and interest-rate sensitivity. With DBS and OCBC shares trading close to all-time highs while UOB has lagged behind, many in the...