DBS OCBC UOB 4Q22 Earnings Preview - Tapering NIM Expansion; Dividend Upside

DBS OCBC UOB 4Q22 Earnings Preview - CGS-CIMB Research 2023-01-24: Tapering NIM Expansion; Dividend Upside

SGinvestors.io

Published: 2023-02-05 04:10 PM

DBS GROUP HOLDINGS LTD (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11)

We expect Singapore banks to report a rather flattish set of earnings for 4Q22F q-o-q as risk-off sentiment remains amid slowing global growth and interest rate uncertainties. See earnings calendar. Directionally, trends in core income seen over previous quarters are still present, although at different paces.
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With capital levels staying robust, we believe it reasonable to expect a special dividend from DBS (SGX:D05) for 4Q22F. We expect ~S$0.45 dividend from DBS in 4Q22F (4Q21: S$0.36), as well as a hike in FY23F’s ordinary dividends.

We expect OCBC (SGX:O39) to report ~S$1.63bn net profit for 4Q22 (+2% q-o-q, +68% y-o-y).

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Andrea CHOONG CGS-CIMB Research | LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2023-01-24

DBS OCBC UOB 4Q22 Earnings Preview - CGS-CIMB Research 2023-01-24: Tapering NIM Expansion; Dividend Upside