Singapore Banking - Phillip Securities 2023-03-21: A Quick Comparison Of DBS, OCBC, UOB With Credit Suisse

Singapore Banking - A Quick Comparison Of DBS, OCBC, UOB With Credit Suisse

Singapore Banking - Phillip Securities Research | SGinvestors.ioDBS GROUP HOLDINGS LTD (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11)
  • On 14 March, Credit Suisse (CS) said in its 2022 annual report that it identified “material weaknesses” in internal controls over financial reporting and had not yet stemmed customer outflows. On 15 March, Credit Suisse’s top backer, Saudi National Bank, said that it was not able to give more money to the bank due to regulatory constraints. On 16 March, Credit Suisse exercised an option to borrow up to US$54bn from the Swiss National Bank.
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  • Maintain OVERWEIGHT. We remain positive on Singapore banks. Bank dividend yields are attractive at 5.7% with possible upside surprise due to excess capital ratios and push towards higher ROEs. Singapore banks differ from Credit Suisse as they focus on NII (net interest income) growth and hence are able to post positive ROEs.

Credit Suisse's capital and leverage ratios similar to Singapore banks

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  • Credit Suisse is subjected to the Liquidity Coverage Ratio (LCR) requirements by the Federal Reserve and has kept an adequate LCR of 144%, which is comparable to that of Singapore banks at ~144%. The issue with what is happening at Credit Suisse does not appear to be its capital ratios.

Two years of net losses for Credit Suisse

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Glenn Thum Phillip Securities Research | 2023-03-21

More reports on banking & finance sector:
Analyst Reports on Singapore Banking & Finance Sector

Read also:
Analyst Reports on DBS Group
Analyst Reports on OCBC Bank
Analyst Reports on United Overseas Bank (UOB)


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