Q25 Earnings forecast: maintaining growth despite external pressures
Posted: Jun 24, 2025
- We forecast market earnings could grow by 14% YoY in 2Q25, despite ongoing pressures from geopolitical tensions and tariff-related trade wars.
- In 2Q25, we expect banking sector profits to grow by 15% YoY, supported by solid credit growth and stable net interest margins (NIMs). Notable sectors with strong Q2 earnings growth include Construction (+69% YoY), Logistics & Ports (+66% YoY), and Aviation (+54% YoY).
- We expect some sectors to post a decline in earnings growth, such as Residential Property (-27% YoY) due to subdued handover activities, and Oil & Gas (-11% YoY) as a result of lower average oil prices compared to the same period last year.
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